Piper Jaffray Reiterates Overweight Rating, $100 PT on athenahealth

In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating and $100.00 price target on athenahealth (NASDAQ: ATHN).

Piper Jaffray noted, “Earlier today, ATHN announced signing a definitive agreement to acquire EPOC for $11.75 per share. The deal is expected to be financed through the cash in hand and the available credit facility per the company. We believe this deal will bring more awareness to ATHN's services and is likely to fuel ATHN's growth in adding new physicians. The deal also diversifies the company's revenue mix into Pharma services. The acquisition is expected to be accretive to 2013 estimates per the company. We believe this will help in accelerating physician adds at a reasonable cost and also provide new opportunities in monetizing their physician network. Maintain OW, $100 price target.”

athenahealth closed on Friday at $76.35.

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