Entry comments: ALGN is the most interesting non-bank sleeper. It's not actually small-cap — $12B market cap — but it has the characteristics of a neglected stock despite reasonable coverage. Trading at 14.74x forward earnings with record case volumes, multiple analyst upgrades in April, and a clear Iran war resolution catalyst (people will resume elective dental when economic anxiety fades). Piper Sandler has a $235 target. The stock is at $156-177. That's the kind of mismatch we've been looking for.

Exit comments: Sold after thesis broken.