Piper Jaffray analyst David Amsellem upgraded Akorn (AKRX) to Overweight and raised his price target for the shares to $9 from $5. After taking a closer look at the company's base generics business in the wake of the lower court decision that sided with Fresenius (FSNUY) in its efforts to terminate its merger with Akorn, Amsellem believes annual EBITDA of no worse than $125M-$135M starting in 2019 is realistic. The analyst says that based on trends associated with a number of its notable products, as well as his recent conversation with management, he believes a picture of sustainable EBITDA is emerging at Akorn that is better than what he had previously envisioned. Assuming Akorn loses its appeal, management "strongly suggested" that it address its cost structure, Amsellem tells investors in a research note.