Cowen says Allscripts Healthcare Solutions (NASDAQ:MDRX) is an attractive LBO target and the potential deal could generate a 21% IRR in five years even with an offer as low as $16/share.
The firm says the buyer could see an exit multiple of 12x, which Cowen sees as modest considering Veradigm’s 15-25% growth rate and high-margin profile.
Cowen reiterates an Outperform rating and $14 price target.
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