Veradigm price target lowered to $11 from $22 at RBC Capital

RBC Capital analyst Sean Dodge lowered the firm’s price target on Veradigm to $11 from $22 but keeps an Outperform rating on the shares. The firm is citing the company’s FY23 guidance cut due to fewer new wins and higher churn than previously anticipated while also noting its exclusion of a $16M legal settlement previously included in guidance, the analyst tells investors in a research note. RBC adds however that the issues impacting reporting over the last year appear to be approaching a conclusion with minimal, if any, direct client impact while noting that Veradigm still remains in good financial health with positive free cash flow and over $230M in net cash.