Piper Jaffray Downgrades Allscripts (MDRX) to Neutral
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Piper Jaffray downgrades Allscripts (Nasdaq: MDRX) from Buy to Neutral and lowers their price target from $18 to $15, citing cautious outlook on Misys merger.
The firm said, "Specifically, 43% of all clients surveyed expressed cautiousness on the pending merger, while only 27% were supportive. The gap is wider among practices with > 100 physicians, 88% are cautious. However, most Allscripts clients are happy with both the product (90%) and the Company (75%), while Misys clients are happy with the product (86%), but less happy with the Company (61%). Customer spending on Allscripts will lag overall spending on IT."
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