Piper Jaffray analyst David Amsellem believes Allergan's (AGN) $364 per share valuation in the Pfizer (PFE) deal is reasonable. The analyst views the current valuation as attractive irrespective of whether the deal closes. He expects the merger to ultimately close, however. Amsellem reiterates an Overweight rating on Allergan with a standalone price target of $353. The stock is "clearly reflecting anxiety" over the political/regulatory landscape for inversions, even though the Pfizer deal is technically not an inversion, Amsellem tells investors in a research note.