UPDATE: Piper Jaffray Downgrades Allscripts Healthcare Solutions to Underweight on Weak Results
Piper Jaffray reduced its rating on Allscripts Healthcare Solutions (NASDAQ: 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bookings are accelerating downward, margins are going nowhere, and the Company attempts to integrate a portfolio of outdated products while embarking on an ambitious release cycle of new products.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.
Latest Ratings for MDRX
|Jun 2015||Oppenheimer||Initiates Coverage on||Perform|
|Apr 2015||Piper Jaffray||Upgrades||Underweight||Neutral|
|Apr 2015||Stifel Nicolaus||Initiates Coverage on||Hold|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.