UPDATE: Piper Jaffray Lowers Price Target on athenahealth to $57

According to Piper Jaffray, athenahealth (NASDAQ: ATHN) price target is lowered to $57.

Piper Jaffray said that while maintaining health rev growth expectation (30%+ y/y), the company surprised the investors by announcing significant increases in investments, which impacted EPS guidance. “Nevertheless, we believe these investments will drive strong top-line growth, and yesterday's dramatic sell-off presents yet another great entry point into the stock. Remain Overweight, cutting target to $57 from $68.”

athenahealth closed yesterday at $49.04.