Analyst Note| Soo Romanoff |
No-moat Allscripts reported fourth-quarter and full-year results that exceeded consensus expectations but were largely in line with our estimates both on the top and bottom line. Improved mix and holistic cost-management efforts were key contributors in the quarter. For the full year, the company posted total revenue of $1.5 billion, declining about 15% from the prior year. We are maintaining our no-moat rating and do not expect to make significant changes to our fair value estimate of $11.40 per share.