UPDATE: Citi Downgrades Allscripts; Lowers PT

According to a research report published this morning, Citi has downgraded Allscripts

from Buy to Neutral, and lowered PT from $24 to $10.50. In the report, Citi said, "Allscripts preannounced what could only be described as a strongly disappointing Q1 . The company missed its financial targets, announced the departure of the CFO, and the departure of four board members amidst a company power struggle. At the bottom line, Allscripts reported net operating EPS of $0.12 – down 43% – vs. our estimate of $0.22 and the consensus of $0.24. We suspect CEO Glen Tullman won a power struggle at the 11th hour leading to the board departures." Allscripts is currently trading at $9.30.