Allscripts jumps on Q4 rev guide beat, new $250 mln stock buyback

Veradigm

25/01/2022 12:37

** Allscripts  MDRX.O  shares up 8.6% at $18.98 premarket
after healthcare IT firm's Q4 preannouncement pleases
    ** Co late Mon said sees Q4 rev between $390-$395 mln,
topping Street consensus of $386.8 mln, per Refinitiv IBES data
 urn:newsml:reuters.com:*:nBw5xYz5Qa
    ** Forecasts FY21 adj EBITDA of $295-$300 mln, up from
$275-$285 mln previously
    ** Co says board approved new $250 mln share repurchase
program, replacing previous $350 mln program, which was
completed in Q4
    ** SVB Leerink upgrades MDRX to 'outperform' from 'market
perform' and raises PT by $3 to $22
    ** In context of a tough tape, MDRX "offers dependable
earnings driven by a stable, low-growth business model coupled
with margin opportunity and predictable capital allocation
through outsized share repurchases," SVB Leerink writes in note
    ** Piper Sandler raised its PT by $2 to $19
    ** Avg Wall Street rating on MDRX is 'hold' and median PT is
$19.50 - Refinitiv
    ** Shares down 5.3% YTD through close on Mon, after gaining
27.8% in 2021

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))