Morgan Stanley Reiterates Underweight, $35 Target on Athenahealth

Morgan Stanley maintains its Underweight rating and $35 target on Athenahealth ATHN ahead of the company's investor day, which will set CY12 expectations. Morgan Stanley comments, “We expect incremental visibility to ATHN's CY12 outlook at its Investor Day (December 15). Revenue estimates appear attainable, but EPS may be at risk due to the increased operating expenses associated with marketing to small physician offices.” ATHN closed at $59.93 per share on Monday.