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What: Shares of Athenahealth (Nasdaq: ATHN) popped by as much as 12% after the company reported a solid second quarter earnings release.

So what: Revenue grew by a third, to $103.5 million, turning into an adjusted profit of $0.24 per share once it reached the bottom line. The figures were mostly in line with analyst expectations, but obviously were enough to send investors cheering.

Now what: CEO Jonathan Bush said the results confirm the company’s approach to cloud-based services in healthcare, doing its part to try and help bring medical costs down and improve the healthcare experience. The Street’s not entirely convinced, as UBS is bearish on Athenahealth with a "sell" rating and $58 price target. The brokerage agrees that the results were solid, but doesn’t agree with the company’s current valuation multiples.

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