Cowen analyst Charles Rhyee said the 29% slide in PharMerica shares since the company's Q4 report has pushed the stock to a valuation considerably below most of the pharma supply chain as the market focuses too much on the lower than expected FY16 guidance and overlooks tailwinds coming in future years. A simple LBO analysis also suggests that shares are undervalued, as a prospective buyer would have to offer at least $30 per share to get a buyout done, Rhyee believes. The analyst keeps an Outperform rating and $36 price target on PharMerica shares.