Piper Jaffray Cuts Target on CPS (CPSI) to $56 Amid Shift to Cloud-Based SaaS

July 5, 2012 10:21 AM EDT
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Price: $22.70 -1.52%

Rating Summary:
    10 Buy, 15 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Shares of Computer Programs & Systems (Nasdaq: CPSI) are underperforming the broader stock market Thursday morning as Piper Jaffray's Sean Wieland believes the company may be harmed by a model shift to cloud-based software as a service. The stock last traded at $58.36, down 1.4 percent from Tuesday's closing price.

Wieland cited recent checks suggesting small hospitals prefer a cloud-based model with limited upfront costs over a model more focused on licensed software. The checks also pointed to concerning new customer additions at Computer Programs & Systems.

The Piper Jaffray analyst reduced his price target on shares of CPS from $62 to $56. The analyst's FY12 EPS estimate was reduced to $2.57. Wieland maintains a Neutral rating on Computer Programs & Systems.

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