UPDATE: Jefferies Downgrades Align Technology to Hold, Raises PT on Balanced Risk/Reward

In a report published Tuesday, Jefferies analyst Brandon Couillard downgraded the rating on Align Technology (NASDAQ: ALGN) from Buy to Hold, but raised the price target from $36.00 to $38.00.

In the report, Jefferies noted, “We are lowering our rating on ALGN to Hold (from Buy). Our 2013 / 2014 EPS forecasts are unchanged. However, our price target moves to $38 (from $36) on higher intermediate-term cash flow forecasts, following the ITC's recent favorable initial ruling in ALGN's patent dispute with ClearCorrect.”

Align Technology closed on Friday at $36.70.