UPDATE: Cantor Fitzgerald Upgrades NextGen Healthcare Inc (NXGN) to Overweight
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Cantor Fitzgerald analyst Steven Halper upgraded NextGen Healthcare Inc (NASDAQ: NXGN) from Neutral to Overweight with a price target of $23.00 (from $20.00).
The analyst comments "Over the last few quarters, NXGN has seen improving fundamentals. With the recent weakness, we believe the shares are attractive. On Wednesday, January 27, the company reported F3Q21 results that were in line with our estimates and FactSet consensus. Bookings were notably solid in the quarter (especially recurring revenue bookings). NXGN's telehealth capabilities (added via the OTTO Health acquisition in 2019) appear to be gaining strong traction and are a key selling point in new deals. The company also reiterated its F2021 revenue and adjusted EPS guidance. Going forward, the company will continue to invest to facilitate future growth, but we expect internal investments vs. acquisitions. We continue to view NXGN's re-platforming positively and expect a positive reaction to its upcoming product release. Finally, the company's KLAS Research scores have improved as demonstrated in the recently released 2021 survey. We believe the company is taking the right steps to improve long-term performance. At current levels, we believe the shares are undervalued."
Shares of NextGen Healthcare Inc closed at $18.29 yesterday.
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