Wells Fargo Starts Allscripts (MDRX) at Market Perform; Long-term Growth Prospects Muted

Wells Fargo initiates coverage on Allscripts (NASDAQ: MDRX) with a Market Perform. PT range $10-12.

Analyst, Jamie Stockton, said, "The company provides software/services to about 24% of physicians working in a practice and about 5% of hospitals. Poor-quality software releases and disruptions in the company's sales/support organization drove a material March quarter miss. Management and board turnover have also been severe. While we believe trends are likely to improve as 2012 progresses, our long-term growth outlook suggests the shares are fairly valued. Strategic alternatives could see $14-16, but are unlikely near term."

For an analyst ratings summary and ratings history on Allscripts click here. For more ratings news on Allscripts click here.

Shares of Allscripts closed at $10.99 yesterday.

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