Piper Jaffray Reiterates Overweight and PT of $66 on Computer Programs and Systems

Piper Jaffray reiterated its Overweight rating on Computer Programs and Systems CPSI. At the same time, Piper Jaffray left its price target unchanged at $66, following a meeting with Computer Programs' management. In a research report published today, Piper Jaffray states, "We recently travelled with CPSI management. Our key takeaways: Upside to our 2011 estimates is possible by executing on a $250 million cross-sell opportunity. The growth opportunity in net new business is also significant but is not yet materializing in the pipeline. We remain buyers on the stock because we believe strong CPOE go-lives will continue to drive growth in 2011. Our $66 target is based on 25x our FY12 EPS of $2.64." On Monday, Computer Programs and Systems lost 0.25% to close the day at $61.03.