Leerink analyst Jason Gerberry says that based on management comments during the company's Q3 conference call, a white knight bidder for Perrigo (PRGO) appears unlikely. A defensive acquisition by the company seems unlikely as management views share buyback as the best use of capital, Gerberry tells investors in a research note. He continues to believe Perrigo is better positioned to create medium to long-term value as a stand-alone entity versus a combination with Mylan (MYL). He lowered his price target for shares to $156 from $177 and keeps a Market Perform rating on the name.