Leerink Partners Upgrades Allscripts (MDRX) to Outperform; Core Fundamentals Improving

Leerink Partners upgraded Allscripts (NASDAQ: MDRX) from Market Perform to Outperform with a price target of $17.00 (from $16.00), saying the core fundamentals are improving significantly.

Analyst David Larsen commented, "We are upgrading shares of MDRX to OP. We believe that the core fundamentals of Allscripts are improving significantly as evidenced by TouchWorks and Sunrise ranking #1 in Black Book in 2016, our channel checks through MEDACorp and other sources have come back positive, bookings have grown consistently on a y/y basis in 6 of the past 6 quarters, we expect adjusted EPS to grow by over 20% y/y in 2016E and 2017E, and we believe that MDRX is becoming a more attractive acquisition candidate. In our view the recent deal with Optum shows that the quality of the product and longer-term vision of MDRX have improved substantially over the past few years. Upgrade to Outperform, PT to $17 (from $16).

For an analyst ratings summary and ratings history on Allscripts click here. For more ratings news on Allscripts click here.

Shares of Allscripts closed at $12.68 yesterday.

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