UPDATE: Piper Jaffray Downgrades Allscripts; Lowers PT - Veradigm (OTC:MDRX)

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According to a research report published this morning, Piper Jaffray has downgraded Allscripts (NASDAQ: MDRX) from Overweight to Neutral, and has lowered PT from $24 to $11.In the report, Piper Jaffray said, "Allscripts pre-announced Q1 results well below expectations, announced the departure of four board members (including the chairman of the board), and the departure of the CFO. Any one of these items would be a concern, but all three happening simultaneously leads us to question what else is there that we don't know. If it were just a sloppy bookings quarter, we could live with that. But our rule of thumb is to downgrade on any CFO turnover. Add to that the board shakeup, missed quarterly numbers, lowered guidance, and overall poor execution, and we have nothing left to defend."Allscripts closed yesterday at $16.02.

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