In a report from Jefferies' Corey Davis published Tuesday, the analyst suggested Elan ELN execs have indicated they may agree or strongly consider a takeover anywhere between $15 to $20 per share.
Davis's analysis supports a $19/share bid, but only from a "high taxpaying suitor."
Davis named some potential strategic buyers: Allergan AGN, Regeneron REGN, Vertex VRTX, Alexion ALXN, Zoetis ZTS, Mylan MYL, and Perrigo PRGOn
Jefferies maintains a Buy rating; the price target was raised from $14 to $19.
The stock is up 2 percent to $13.76 in early-morning trade.
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