In a note, Deutsche Bank analyst Glen Santangelo says Elliot may go as high as $170/share to acquire athenahealth (ATHN +1.1%) citing a refined analysis on the internal rate of return, specifically a higher leverage assumption and a modestly higher EBITDA growth rate.

Mr. Santangelo sees limited downside for the stock but cautions that it may take a while for Elliott to seal the deal considering its history (some transactions have taken as long as two years to close).

Current rating: HOLD/$170.

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