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UPDATE: Sterne Agee Upgrades athenahealth to Neutral; Overhang Removed

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Sterne Agee raised its rating on athenahealth (NASDAQ: ATHN) from Underperform to Neutral and increased its price target from $48.50 to $72.

Sterne Agee noted, "Contrary to our fears toward a significant air pocket in revenues created by the loss of a material channel partnership with PSS World Medical (PSSI, $28.48, NR), we now believe this relationship will continue. In hindsight, our industry checks had caused our view towards the ATHNPSSI partnership to become black and white, whereby we thought the partnership would end upon the consummation of PSSI's marriage with McKesson (MCK, $95.30, NR). We now believe McKesson will allow the PSS sales force the option to sell athena's solutions or MCK's solutions"

athenahealth closed at $73.89 on Friday.

Latest Ratings for ATHN

DateFirmActionFromTo
Jul 2016Morgan StanleyMaintainsOverweight
Jul 2016Deutsche BankDowngradesBuyHold
Feb 2016Topeka CapitalUpgradesHoldBuy

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Posted-In: Sterne AgeeAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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