RBC Capital analyst Randall Stanicky increasingly believes that Perrigo (PRGO) likely needs to present another deal to shareholders as it seeks to fend off Mylan's (MYL) unsolicited bid. Another buyer emerging for Perrigo remains a low probability, meaning the company likely needs to seek its own acquisition target, Stanicky tells investors in a research note. He believes a buyout of Endo (ENDP) makes the most sense for Perrigo. Such a deal would allow Perrigo to avoid Mylan while providing diversification and "protection from what could ultimately be unsolicited interest of its own" for Endo, the analyst argues. Stanicky sees accretion of up to 25% to Perrigo's 2016-2018 earnings with a $100 per share purchase price for Endo. The stock is up $2.95 to $78.92 in early trading. Perrigo is down 11c to $183.32.