Deutsche Bank Downgrades Allscripts (MDRX) to Hold
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Deutsche Bank downgraded Allscripts (NASDAQ: MDRX) from Buy to Hold with a price target of $11.00 (from $14.00). Analsyt George Hill thinks the Affordable Care Act might be repealed.
"We believe that there is a high likelihood that the Affordable Care Act gets repealed or significantly scaled back, creating uncertainty for provider organizations. As these organizations face a less certain revenue and capex future, we believe that spending on IT is likely to stall until provider organizations know what the next generation set of IT tools needed will look like. Given that outlook, we are downgrading CERN and MDRX shares to Hold given what we expect will be a less certain multi-year outlook for hospital based HCIT spend. While the Ryan plan does call for some investment in medical records, we believe many of these proposals were already covered by the HITECH Act and are unlikely to result in material incremental spending," said Hill.
Shares of Allscripts closed at $10.25 yesterday.
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