Leerink Partners Remains Bullish on Allscripts (MDRX) After Traveling with Management
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Leerink Partners reiterated an Outperform rating and $17.00 price target on Allscripts (NASDAQ: MDRX) after spending time with management. Management highlighted that since 2013 there have been ~40+ new Sunrise acute care footprint wins.
Analyst David Larsen commented, "We recently brought Seth Frank, Vice President of Investor Relations on the road to meet with investors. We come away from our meetings incrementally more positive on the stock. We were surprised to learn that since 2013 Allscripts has added ~40+ acute care hospital sites to its client base, and demand for Sunrise from international markets continues to be robust. Our model assumes a longer backlog-to-revenue conversion period, given a shift to more service-related deals and ~80% recurring revenue. We remain optimistic on Allscripts' relationship with Optum and the long-term growth potential of that deal. Maintain OP on MDRX."
Shares of Allscripts closed at $13.08 yesterday.
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