Piper Jaffray Says Buy the Dip in Allscripts (MDRX) But Traders Keep Selling

Traders are clearly poo-pooing a call by Piper Jaffray's Sean Wieland to buy the weakness in shares of Allscripts (Nasdaq: MDRX) Wednesday. The stock last traded at $17.86, down about 4.3 percent from Tuesday's closing price.

The analyst noted shares of Allscripts have fallen about 15 percent from the highs set in February, possibly on the heels of technicals. Wieland pointed to the company's run rate of Sunrise deal flow from about 5-6 in 2010 to 10-12 deals last year. From here, Wieland sees some "meaningful acceleration" and said this may provide a catalyst for Allscripts.

The Piper Jaffray analyst reiterated an Overweight rating and $24 price target.

Visit our Analyst Ratings page to track all the market-moving analyst calls on shares of Allscripts.

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