Allscripts (MDRX) Receives a Rating Update from a Top Analyst

In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on Allscripts (NASDAQ: MDRX), with a price target of $17. The company’s shares opened today at $12.59.

Halper observed:

“. We reiterate our Overweight rating on MDRX shares but lower our 12-month price target to $17 from $18. After the close, August 2, Allscripts reported 2Q18 results. Revenue was below our estimate but in line with FactSet consensus. Adjusted EPS was in line with our estimate. Bookings were disappointing, but the company held its 2018 guidance metrics. Notably, the company appears to be negotiating the sale of its stake in Netsmart, its behavioral IT unit. We had previously estimated that the company’s Netsmart stake was worth about $3 per share before any tax considerations.”

According to TipRanks.com, Halper is a top 100 analyst with an average return of 20.6% and a 72.4% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Hms Holdings Corp, and Tivity Health Inc.

Allscripts has an analyst consensus of Strong Buy, with a price target consensus of $16.30, a 29.5% upside from current levels. In a report issued on July 26, Maxim Group also assigned a Buy rating to the stock with a $18 price target.

.

See today’s analyst top recommended stocks >>

Based on Allscripts’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $39.87 million. In comparison, last year the company had a GAAP net loss of $154 million.

Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MDRX in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.