UPDATE: Jefferies Downgrades Allscripts; Lowers PT
According to a research report published this morning, Jefferies has downgraded Allscripts (NASDAQ: MDRX) from Buy to Hold, and lowered PT from $25 to $10.50.
In the report, Jefferies said, "Poor operating results, weak bookings, a Board room power struggle, and reporting changes (to add confusion) are enough to downgrade. Delays around ADX 1.5 diminishes MDRX's ability to put up a fight against Epic and Cerner's (CERN, $73.82, NC) inpatient share gains. The value we saw in MDRX's ambulatory base also could deteriorate, as a preoccupied management team tries to steady the rudder."
Allscripts closed yesterday at $9.26.
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