Oppenheimer Starts athenahealth (ATHN) at Outperform, $168 PT

Oppenheimer initiates coverage on athenahealth (NASDAQ: ATHN) with a Outperform rating and a price target of $168.00.

Analyst Mohan Naidu commented, "Athenahealth continues to build on its leadership position in cloud-based solutions, and we believe it is well-positioned to take share in the enterprise replacement market. While ATHN’s bold move into the inpatient segment won't be easy, we believe it's the right decision given the magnitude of the opportunity, the company’s expertise in building and leveraging single-instance solutions for healthcare and its ability to transform solutions to fit the needs of the changing requirements in new reimbursement models. Near term, the stock is likely to move depending on enterprise deal flow, but long term, we believe it is very well-positioned to be a dominant player in the healthcare market. We are initiating with an Outperform rating and $168 price target."

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

Shares of athenahealth closed at $118.20 yesterday.

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