CALL INVITE -> Adding Align Technology as Best Idea Short

We think ALGN is a good short heading into 2H24 for a number of reasons.  We've been looking for ways to get more exposed to discretionary medical spending on the short side, expanding from EYE, which we've been short for some time, with the recent addition of PDCO.   Our data suggests continued softness in ALGN's North American GP utilization heading into 2Q24 and slight miss in 2Q24 revenue, a decent catalyst for the short, especially after the company recently raised guidance for 2024.  ALGN shares correlate strongest with EPS estimates with a seemingly hard floor of 20X forward P/E. We expect a softer outlook for 2H24, rising macro concerns, and lower estimates for 2025 can break the 20X floor and push ALGN below $200, or 20% lower from here.