Mizuho Securities analyst Irina Koffler said their analysis of a Mylan (NASDAQ: MYL)/Upjohn (NYSE: PFE) merger would be valued at $37 per share.

The analyst said this is based on an 8x multiple of 2020 EBITDA of $9.3B, and $26B in debt.

"We view this as a Goldilocks scenario for Mylan, with favorable risk/reward, but await further deal certainty and reiterate our Neutral rating," the analyst commented.

For an analyst ratings summary and ratings history on Mylan click here. For more ratings news on Mylan click here.

Shares of Mylan closed at $22.80 yesterday.