JPMorgan says Mylan's (MYL) bid for Perrigo (PRGO) makes strategic and financial sense. The firm adds that it’s not surprised by Mylan's approach given the growing pressure on the company for strategic action. JPMorgan estimates the potential merger would be modestly accretive in 2017 and drive multiple expansion over time. It keeps an Overweight rating on Mylan. Regarding Teva (TEVA), the firm thinks the company will have to make a more compelling case for why a Mylan/Teva merger makes more sense than Mylan/Perrigo if it is interested in Myla. Alternatively, Teva could shift its focus to M&A targets beyond Mylan, JPMorgan believes.