Goldman Still Neutral On ATHN

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Goldman Sachs has published a research report on athenahealth, Inc.
ATHN
following the company's reporting of 3Q earnings results. In the report, Goldman Sachs writes "athenahealth delivered solid 3Q results; driving cost improvements (notably cost of sales and G&A) while tracking well on revenues. In our view, the strong positive stock reaction (+23% on Friday's session) was a result of a highly binary investor setup as well as 30% short interest. In our opinion, ATHN's 3Q further demonstrated management's ability to drive cost improvements and enhance earnings quality. However, we remain focused on the decelerating trends in athenaCollector physician adds. athenaCollector represents around 90% of revenues, and we believe there will need to be an improvement in the 15.5% YoY growth in athenaCollector physician adds in order for management to achieve their stated long-term revenue growth target of 30%+." Goldman Sachs maintains its Neutral rating and has raised the price target from $29 to $41. athenahealth, Inc. closed yesterday at $38.55.
Posted In: Analyst ColorPrice TargetAnalyst RatingsathenahealthGoldman SachsHealth CareHealth Care Services
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