UPDATE: Piper Jaffray Raises PT on Athenahealth from $49 to $68

Piper Jaffray has published a report on athenahealth (NASDAQ: ATHN) raising the price target from $49.00 to $68.00.

In the report, Piper Jaffray wrote, "A solid beat across all financial and operating metrics, increased guidance, and demonstrable operating leverage exemplifies why ATHN is the better mousetrap. The acquisition of Proxsys bolsters the Company's awareness among small practices, and gives them a "nose in the tent" among enterprise accounts. Establishing 2013 estimates, and raising our PT to $68 based on 40x our new 2013 EPS estimate of $1.70."

Piper Jaffray rated athenahealth an Overweight with a price target of $68.00. Athenahealth closed Thursday at $48.58.