Align Technology Inc

ALGN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Align: Shaving Our Valuation on Near-Term Macro Uncertainty and Tariff Pressures; Shares Still Cheap

Keonhee Kim

Apr 10, 2025

We are reducing our fair value estimate for narrow-moat Align Technology to $240 per share from $280 against the backdrop of near-term macroeconomic uncertainty and the likely profit and margin headwinds from tariffs. The tariff situation remains fluid and dynamic, and uncertainty in the dental industry remains high.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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Align Technology Inc

Align: Shaving Our Valuation on Near-Term Macro Uncertainty and Tariff Pressures; Shares Still Cheap

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