UPDATE: ISI Group Raises PT to $19.50 on Quality Systems Following Shareholder Meeting
ISI Group reiterated its Market Weight rating on Quality Systems (NASDAQ: QSII) and increased its price target from $17 to $19.50.
ISI Group noted, "We continue to view the growth outlook for QSII as uncertain given the recent pause in software sales, with management's lack of visibility creating an overhang on QSII shares. We also view the resignation of Scott Decker as another sign of uncertainty for shares given some of the other recent turmoil with QSII's operating performance as well as additional management departures (most notably Pat Cline last year). Therefore, we reiterate our Market Weight rating although we have increased our PT to $19.50 to reflect a normalized multiple (15x CY13 EPS of $1.26)."
Quality Systems closed at $18.20 on Wednesday.
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