In a report released today, Anthony Vendetti from Maxim Group maintained a Buy rating on Allscripts (NASDAQ: MDRX), with a price target of $18. The company’s shares closed yesterday at $12.04.
Vendetti observed:
“Market close, MDRX reported slightly weaker-than- expected 3Q18 results, including bookings, revenue, and adjusted EBITDA. The company narrowed its 2018 guidance for non-GAAP revenue, non-GAAP EPS, and adjusted EBITDA to the low end of its previously-issued range. Recurring revenue grew 26% y/y and now makes up 80% of total MDRX revenue. We are introducing quarterly estimates for 2019, and slightly reducing our EPS estimates.”
According to TipRanks.com, Vendetti is a 5-star analyst with an average return of 11.3% and a 56.2% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Ellex Medical Lasers Limited, Restoration Robotics Inc, and Xtant Medical Holdings.
Currently, the analyst consensus on Allscripts is a Moderate Buy with an average price target of $14.50.
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Based on Allscripts’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $64.82 million. In comparison, last year the company had a GAAP net loss of $28.59 million.
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Allscripts Healthcare Solutions, Inc. engages in the provision of clinical, financial, connectivity, information solutions, and related professional services. It operates through the following segments: Clinical and Financial Solutions; Population Health; and Netsmart.
