Jefferies Boosts Price Target on Athenahealth Inc. (ATHN)

Jefferies analysts raised their price target on Athenahealth Inc. (NASDAQ: ATHN) from $58 to $75, while maintaining their HOLD rating.

Athenahealth provides business services designed to reduce administrative burdens on medical practices. This week they reported 17c EPS, in-line with estimates.

According to Jefferies analysts, a key indicator of long term revenue growth is the pace at which ATHN signs up new clients for their collection services. In the first quarter of 2012, 891 new doctors were using this service, exceeding a consensus of estimate of 863. Longer term, Athenahealth’s ability to cross sell additional products to doctors who are using the collection service will be a key driver for growth and earnings.

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 $74.03 yesterday.

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