Market Overview

UPDATE: Morgan Stanley Reiterates On Allscripts Healthcare Solutions Following Solid Bookings Performance

Share:
Related MDRX
10 Biggest Mid-Day Losers For Monday
Benzinga's Top Upgrades, Downgrades For June 19, 2017

In a report published Friday, Morgan Stanley analyst Ricky R. Goldwasser reiterated an Overweight rating on Allscripts Healthcare Solutions (NASDAQ: MDRX), but removed the $21.00 price target.

In the report, Morgan Stanley noted, “1Q14 bookings of $223M were up 25.5% y/y, with -18.6% seq decline reflecting seasonality (CERN was down -17.8% seq). Growth y/y reflected strength in ambulatory, population health management (PHM), managed IT services and outsourcing. PHM accounted for 36% of bookings; ex-PHM we est. core bookings were up 4.3% y/y and down -10.2% seq. MDRX added 130 new clients in the qtr, with ambulatory and PHM (particularly Care Management) driving new wins.

"SaaS contracts were 42% of bookings, up from 25% in 1Q13 and inline with 44% in 4Q13. SaaS revenues were 15% of total revenues up from 13% in 1Q13 and 14% in 4Q13. Driven by increasing SaaS mix, recurring revenues were 78% in the qtr, up from 74% in both 1Q13 and 4Q13.”

Allscripts Healthcare Solutions closed on Thursday at $14.99.

Latest Ratings for MDRX

DateFirmActionFromTo
Jun 2017Leerink SwannDowngradesOutperformMarket Perform
May 2017Bank of AmericaInitiates Coverage OnNeutral
Mar 2017Wells FargoUpgradesMarket PerformOutperform

View More Analyst Ratings for MDRX
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Ricky R. GoldwasserAnalyst Color Price Target Analyst Ratings

 

Related Articles (MDRX)

View Comments and Join the Discussion!