Deutsche Bank Has Buy on Allscripts

Deutsche Bank is out with a research report on Allscripts MDRX and it has a Buy rating and a $24 price target on shares. In a note to clients, Deutsche Bank writes, "Following recent management meetings, we reiterate our Buy and $24 PT due to attractive valuation and solid growth momentum. The ECLP integration remains on track, with MDRX already achieving >$200 MM in cross-selling synergies and the first client live on the integrated product. Additionally, MDRX remains confident in cost synergy targets ($25MM in FY11), with solid visibility into further cost savings. Finally, we expect solid bookings momentum, driven by the greenfield opportunity in the ambulatory market as well as hospital replacements." Shares of MDRX gained 50 cents yesterday to close at $18.82.