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Allscripts +3%; Piper upgrades, thinks positive news could lift shares

Apr. 27, 2015 11:34 AM ETVeradigm Inc. (MDRX) StockMDRXBy: Eric Jhonsa, SA News Editor
  • Believing "any incrementally positive news will improve sentiment and possibly send MDRX shares higher," Piper's Sean Wieland has upgraded the healthcare IT software/services provider to Neutral ahead of its May 7 Q1 report, and hiked his target by $3 to $12.
  • Wieland thinks positive news could emerge regarding new implementations of Allscripts' Sunrise clinical management software platform and/or deals in the pipeline. Though still believing any such positives will be offset by further Sunrise client losses and "continued market-share attrition on the Ambulatory Side," he now argues "the risk/reward is less favorable on the short side."
  • The upgrade comes with Allscripts continuing to trade well below its pre-financial crisis highs. Shares sold off in February in response to a revenue miss, light guidance, and soft bookings. Baird upgraded to Outperform last month.

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