Piper Jaffray Raises PT to $13 on Epocrates

Piper Jaffray maintains its Overweight rating on Epocrates

and raises its price target to $13, up $4, as the company explores strategic options for EHR to concentrate on core business. Piper Jaffray says, "Reported revenues and EPS beat our estimates but CY12 guidance came in below expectations due to lower than expected bookings over the past year. More importantly, the company announced that they are exploring strategic alternatives for their EHR business. While this might be the right thing for the core business and benefit the numbers in the near term, we believe it exposes the company to risk of disintermediation by EHR companies. But, the move could make the company more attractive for M&A." EPOC closed at $10.25 a share on Tuesday.