Allscripts (MDRX) Initiates Cost Restructuring - Canaccord Genuity
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Canaccord Genuity analyst Richard Close reiterated a Buy rating and $18.00 price target on Allscripts (NASDAQ: MDRX) after the company initiated efforts to streamline its business through cost restructuring and a focus on driving improved value creation for shareholders has led to improved margins and share performance over the last 1 1/2 years.
The analyst stated "The successful divestiture of CarePort and EPSi enabled the company to de-lever and actively repurchase shares to drive earnings growth. The company has continued its efforts to drive returns for investors, continuing to repurchase shares and recently selling its 2bPrecise precision medicine business that was internally developed. Mgmt remains focused on cost management and cash flow conversion evidenced by raising adj-EBITDA and free cash flow guidance with its 2Q'21 report. A return to revenue growth will be the catalyst to get shares to rise meaningfully from current levels; however, we still believe that shares still offer value to investors. Our $18 PT implies ~30% upside from current levels and is based on 10.3x (27.5% discount to peer group) our 2022E adj-EBITDA
Shares of Allscripts closed at $13.78 yesterday.
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