Wells Fargo Upgrades athenahealth (ATHN) to Outperform; Soaring Into The Clouds
Wells Fargo upgraded athenahealth (NASDAQ: ATHN) from Market Perform to Outperform. Valuation range increased to $62-63 from $37-38. Wells analyst says, "We believe ATHN's unique business model, coupled with increasing sales & marketing investments, should drive greater mind share among mid-to-large physician practices. As such, we believe profitability will grow materially faster than current Street estimates suggest...We are raising our CY2011 EPS estimate to $0.81 from $0.71 (above guidance of $0.68-0.78), introducing our CY2012 EPS est of $1.24 (consensus: $1.05), and raising our assumed 5-yr EBITDA CAGR to 34% from 27%." For more ratings news on athenahealth click here and for the rating history of athenahealth click here. Shares of athenahealth closed at $46.13 yesterday, with a 52 week range of $21.51-$49.30. .