Citi analyst Stephanie Demko raised her price target for Athenahealth to $160 from $140, which is in line with the recent Elliott Management bid. A take private transaction makes sense for Athenahealth as it would allow the company to execute on its margin optimization strategy outside of the public eye, Demko tells investors in a research note. She views this as the most likely outcome of a potential Athenahealth process. The analyst believes, however, that the timing could be elongated. She expects "volatility with a negative bias" around earnings and reiterates a Neutral rating on Athenahealth.