Is the PSS/McKesson Deal a Curse or a Blessing in Disguise for athenahealth (ATHN)?

McKesson (NYSE: MCK) announced this morning that it acquired PSS Medical (Nasdaq: PSSI), and according to some this spells bad news for PSS partner athenahealth (NASDAQ: ATHN). But not so fast say others.

Analysts at Wells Fargo are pleading with investors not to jump to conclusions related to the status of the partnership. The firm notes that athenahealth has been one of the top rated physician billing platforms for about a decade and has more more recently become one of the top rated EHR solutions.

"McKesson's management just said on the acquisition conference call that athenahealth has built a great model, that McKesson management knows management at athenahealth, that athenahealth targets a different type of physician practice than McKesson, and investors/analysts should not jump to any conclusions," the analyst notes. " The company also indicated that PSS relationships could ultimately extend to the McKesson physician practice distribution business. Given this commentary, we would read the PSS development as a neutral (there is a chance the relationship could be impacted, but there is also a chance it could be expanded)."

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

Shares of athenahealth are down 5 percent.

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