UPDATE: Canaccord Genuity Starts Allscripts (MDRX) at Buy

Canaccord Genuity initiated coverage on Allscripts (NASDAQ: MDRX) with a Buy rating and a price target of $18. Analyst Richard Close sees value in the stock as the "tide continues to turn."

"We believe MDRX presents investors with a rare value opportunity after stabilization and repositioning efforts initiated in FY13 have led to an improved financial outlook for Allscripts. Since 2013, the company "circled the wagons" by committing resources to make good on prior commitments, invested heavily in R&D (internal and M&A) to add next generation products focused on population health, interoperability, and personalized medicine. These efforts are materializing and transforming the financial model through notable bookings growth, a shift towards more recurring and visible revenue, and a significantly improved margin outlook," said Close.

For an analyst ratings summary and ratings history on Allscripts click here. For more ratings news on Allscripts click here.

Shares of Allscripts closed at $13.64 yesterday.

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