BMO Capital analyst David Maris continues to believe that Mylan's (MYL) takeover offer "significantly" undervalues Perrigo (PRGO). The analyst also does not believe the synergy targets that Mylan has proposed. Perrigo is better off without Mylan, Maris tells investors in a research note. The analyst sees 30%-plus upside to Perrigo shares even without additional deals, and feels there could be additional upside to his expectations should the company make its story more compelling while fending off Mylan. Maris keeps an Outperform rating on the stock with a $246 price target.