Leerink analyst David Larsen raised his price target for Athenahealth to $160 from $150 on the Elliott deal and greater conviction that a transaction will occur. The analyst recently conducted an ambulatory EMR survey and the data showed a significant slow-down in ambulatory EMR and practice management system purchases, with the lowest replacement rate in 5 years, based on his MEDACorp survey work. Larsen believes this market slow-down is why ATHN's bookings declined by about 32% year over year in Q1 and by 16% year over year in 2017. Given the material slow-down in the market he believes that Elliott's offer of $160 per share is a good deal for existing shareholders. The analyst reiterates a Market Perform rating on the shares.