Leerink analyst David Larsen is more cautious on Athenahealth following news reports that Elliott Management may be backing away from its original $160 per share offer and other potential acquirers have “gone quiet.” The analyst believes Elliott’s initial offer was meant mainly to initiate a sales process, consistent with its prior activist campaigns. Without other serious bidders emerging, Larsen says he has reduced conviction that Athenahealth will sell for above $160 per share. He sees greater risk that the shares return to the $125 level and keeps a Market Perform rating on the name.
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