After Bloomberg reported that private equity firms Carlyle Group (CG) and Onex (ONEXF) have shown interest, Oppenheimer analyst Michael Wiederhorn says he believes a buyout offer for Envision Healthcare (EVHC) could approach $50 per share.

The stock in afternoon trading is up 8% to $27.96. Such an offer is based on an 11 times 2018 EBITDA estimate, which is a multiple similar to the one paid by Blackstone (BX) for Team Health in late 2016, Wiederhorn tells investors in a research note.

The analyst believes Envision has a "strong growth business" and he recommends continuing to buy the shares at current levels.

Wiederhorn has an Outperform rating on Envision with a $40 price target.