Evercore ISI analyst Ross Muken believes the probability of Athenahealth selling itself has risen "materially" with Jonathan Bush's departure. The analyst assigns a 60% probability of the company selling to private equity and a 30% probability of a sale to a strategic buyer. He sees a below 10% chance of Athenahealth remaining an independent entity. Given Elliott Management's commentary and possible interest from others, the stock is likely to trade above the original $160 offer price, Muken tells investors in a research note. He keeps an Outperform rating on Athenahealth with a $165 price target. The stock in early trading is up 5%, or $7.43, to $158.57.