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This global economist wrote in a report that credit spreads are too narrow, but absolute yields remain attractive. "In terms of total returns, we remain optimistic about credit bonds," he said. More broadly, Jefferies remains optimistic about risk assets. "The central bank does not need to raise interest rates, the favorable seasonal factors in July, less crowded positions, and ample liquidity in the system should all benefit risk assets in the coming weeks," Kumar said.

The new target price implies nearly 39% upside compared to the recent closing price of approximately $276.70.

Reports indicate that negotiations between the two companies are still ongoing, and the deal could be finalized as early as this week. However, no formal agreement has been reached yet, and there remains a possibility that the negotiations may collapse.