UPDATE: Piper Jaffray Downgrades Allscripts Healthcare Solutions to Underweight on Weak Results

Piper Jaffray reduced its rating on Allscripts Healthcare Solutions MDRX from Neutral to Underweight and lowered its price target from $12 to $7. Piper Jaffray commented, "We are downgrading to UW given bookings are accelerating downward, margins are going nowhere, and the Company attempts to integrate a portfolio of outdated products while embarking on an ambitious release cycle of new products. About the best one can hope for from here is a takeout, which we still don't think is enough of a reason to support owning the shares. We estimate $15 is the best-case scenario on a takeout (2x EV/Rev). We think the risk/reward supports an Underweight rating and $7 target." Allscripts Healthcare Solutions closed at $12.26 on Thursday.