UPDATE: Deutsche Bank Reiterates Sell Rating, Lowers PT on Quality Systems as F4Q14 Earnings Miss Estimates

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Sell rating on

, but lowered the price target from $15.00 to $12.00. In the report, Deutsche Bank noted, “Quality Systems reported F4Q14 results that were ahead of our forecast and consensus for revenue, but below forecasts on EPS. F4Q revenue of $115.2mm was ahead of our $110.8mm forecast, but gross margin at 54.5% versus our 55.6% and discretionary expenses of $52.4mm versus our $48.9mm more than offset the revenue beat. QSII shares reversed their early positive performance following management commentary on F2015 estimates and we expect consensus estimates will be revised lower. We maintain our Sell rating on QSII shares and reduce our price target to $12, reflecting a lower multiple assumption on further eroding growth expectations.” Quality Systems closed on Thursday at $16.45.