CHICAGO – The official word from executives at Misys and Allscripts after the two companies announced a proposed merger in late March was resoundingly positive. Misys CEO Mike Lawrie called Allscripts the "perfect partner" and said the two healthcare IT firms share "highly compatible cultures."

But as details of the deal emerged, were financial analysts as sanguine in their assessment of the new company's potential?

Wall Street certainly doesn't seem hopeful, as Allscripts shares are hovering around $9 in late March. Still, some observers think investors are undervaluing the merged company.

"The market isn't fully appreciating the deal at this point," said Bret Jones, healthcare IT analyst at Leerink Swann, LLC. "The market is obviously concerned about what the company will look like in the end, but I think the stock should trade in the $12 to $13 range, and that's being conservative."

Jones said many investors believe the Allscripts management team should not be running the new company, given the unresolved problems with the company's Touchworks 11 EHR product and the firm's recently poor revenue numbers.