Citi analyst Garen Sarafia raised his price target for athenahealth to $163 saying the activist stake by Elliott Management reinforces his favorable view of the company and likely provides a support level for shares. Elliott has engaged in nearly 40 campaigns since 2013, slightly over half of which have resulted in a sale, Sarafia tells investors in a research note. As a result, he believes potential M&A scenarios "cannot be ruled out." The analyst views potential acquirers of athenahealth would include tech companies aiming to build a healthcare presence. Sarafia, however, believes a "collaborative engagement to unlock sustainable value" is a likely scenario over an acquisition. He keeps a Buy rating on the shares.