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 $14.35.
“. We reiterate our Overweight rating on MDRX shares. Our price target remains at $17, implying about 17% upside from current levels. In conjunction with its 2Q18 results, the company announced that it was 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. At a recent competitor conference, the company’s CFO indicated that due diligence with one potential buyer is ongoing. If that process does not result in an agreement, the company will open it up to a formal RFP process.”
According to TipRanks.com, Halper is a top 25 analyst with an average return of 25.7% and a 77.1% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Tivity Health Inc, and Hms Holdings Corp.
Allscripts has an analyst consensus of Strong Buy, with a price target consensus of $16.25.
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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 $154 million.
Based on the recent corporate insider activity of 44 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.
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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.