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Morgan Stanley Comments on Athenahealth


Morgan Stanley has published a report on athenahealth (NASDAQ: ATHN).

In the report, Morgan Stanley wrote, "Model update reflects the Proxsys acquisition and one time Medicare catch-up payments. We are increasing our CY11 estimates for revenues to $325 million (from $314 million) and for adjusted EPS to $0.83 (from $0.77) – at the high end of management's guidance of $315-$325 million and $0.70-$0.83, respectively. Sources of ~$11 million increase in CY11 revenues are ~$5 million from the Proxsys acquisition (~$2 million in 3Q11 and ~$3 million in 4Q11) and ~$5 million from one-time Medicare catch-up payments (not included in prior guidance). The increase in our CY11 adjusted EPS estimate is explained entirely by one-time Medicare catch-up payments as Proxsys is expected to be EPS neutral."

Morgan Stanley rated athenahealth an Underweight with a price target of $33.00. Athenahealth closed Monday at $58.38.


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