Piper Jaffray Lowers Price Target On MedAssets

According to Piper Jaffray, MedAssets MDAS price target is lowered. Piper Jaffray said that has announced the resignation of Pat Ryan, President of the Spend Management Division, Board Member, and former CEO of Broadlane. “On the one hand, this is not new news because management hinted as much on the earnings call. On the other hand, why did MedAssets negotiate a two-year employment contract and put him on the board if he was going to leave after six months? We view the departure as a red flag. We are lowering our PT to $11 based on a sum-of-the parts valuation analysis, maintain Underweight.” MedAssets closed yesterday at $15.36.