Nomura analyst Shibani Malhotra upgraded Akorn to Buy from Neutral saying the risk/reward is compelling at current levels. The stock is down 60% since Akorn announced on April 24 that its financials would require restatement, Malhotra tells investors in a research note. After speaking with management, the analyst has greater confidence that the company can regain Nasdaq compliance and avoid delisting. The current share price implies nearly 60% risk of delisting, Malhotra notes, citing her analysis. Her new price target of $46, upped from $44, assumes a 20% risk of delisting. She believes Akorn's underlying asset value has increased with strong execution in 2015. The generic drugmaker is up 5% to $36.20 in pre-market trading.