Athenahealth Comes Back Strong After A Challenging Six Months, Piper Jaffray Reports

Athenahealth, Inc. ATHN is coming back strong after a challenging first half of the year, Piper Jaffray reports, saying that third-quarter results beat expectations across the board. “We believe ATHN can continue on its growth trajectory of 30%+ revenue growth and 40%+ EPS growth for the foreseeable future by continuing to gain marketshare and deliver leverage in the model,” Piper Jaffray writes. The company maintains its Overweight Rating and $36 price target, saying, “Our $36 PT is based on 40x our CY11E EPS of $0.91, in line with the company's LT estimated earnings growth rate.” Athenahealth currently trades for $30.49.