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>>> Invisalign maker Align Technology's stock plunges after

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gfp927z   Wednesday, 10/31/18 01:02:08 PM
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>>> Invisalign maker Align Technology's stock plunges after downbeat outlook, but analysts stay bullish


By Tomi Kilgore

Oct 25, 2018


https://www.marketwatch.com/story/invisalign-maker-align-technologys-stock-plunges-after-downbeat-outlook-but-analysts-stay-bullish-2018-10-25?siteid=bigcharts&dist=bigcharts


Shares of Align Technology Inc. ALGN, -0.38% plunged 18% toward a six-month low in premarket trade Thursday, after the maker of the Invisalign dental product reported better-than-expected third-quarter earnings, but also said average selling prices (ASPs) declined and provided a downbeat outlook. Analyst Richard Newitter at Leerink cut his price target to $320 from $420, but kept his rating at outperform saying the stock selloff is an opportunity to buy. Align said late Wednesday that worldwide ASP was $1,230, down from $1,315 in the second quarter and and from $1,310 in the same period a year ago. Stifel Nicolaus's Jonathan Block cut his price target to $346 from $425, but affirmed his buy rating saying he does not expect a downward spiral in ASPs. The company said it expects fourth-quarter earnings per share of $1.10 to $1.15 and revenue of $505 million to $515 million. As of the end of September, the FactSet consensus for EPS was $1.32 and for revenue was $545.1 million. The stock has tumbled 24% over the past three months through Wednesday, while the S&P 500 SPX, +1.59% has lost 6.7%.

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