Auriga Reiterates a 'Buy' on Allscripts-Misys Healthcare (MDRX); Going Mobile: iPhone App Reduces Barriers to Physician Adoption

Auriga reiterates a 'Buy' on Allscripts-Misys Healthcare (NASDAQ: MDRX) price target of $22.00.

Auriga analyst says, "We are reiterating our rating on MDRX following its user conference hosting 4,700 people (3,500 clients) in Nashville this week. Our discussions with customers reinforce our view that Allscripts holds considerable mindshare in the provider community and is well positioned -- not only for the current wave of electronic medical record (EMR) adoption that should endure 2-3 years, but also for future reform initiatives like revenue cycle and bundled payment."

"We are raising our FY11 and FY12 revenue estimates by $2 million and $5 million, respectively, as we give further consideration to the heavy professional services activity ensuing in the customer base. There are no changes to our EPS estimates. Our $22 target is based on a 13x forward EV/EBITDA multiple, in line with health IT comps."

For more ratings news on Allscripts-Misys Healthcare click here and for the rating history of Allscripts-Misys Healthcare click here.

Shares of Allscripts-Misys Healthcare closed at $17.77 yesterday.

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