From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: algn upgrade Date: Tue, 21 Apr 2015 19:57:31 +0000 Attachments: MSNA20150316679966.pdf Align up 4.1% on pre-earnings Morgan Stanley upgrade • 9:47 AM Eric Jhonsa, SA News Editor • Citing accelerating revenue growth and fading patent expiration concerns, Morgan Stanley has upgraded Align Technology (NASDAQ:ALGN) to Overweight ahead of Thursday's Q1 report, and hiked its target by $23 to $79. • Align's partnership with Sirona Dental, the growing digitization of dental offices, and rising international penetration are also seen as catalysts. "We believe customer base expansion and digitization will grow both top-line and bottom-line results, and more than offset expected volume and price declines resulting from the entrance of competitors upon patent expirations relative to expectations" International is expected to rise to 46% of 2020 volumes from 30% of 2015 volumes. • The upgrade comes less than a month after Align announced a CEO change. Read comments Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fa) ce EFTA00858866