Is JPMorgan's $10 Bid for Bear Stearns the Final Word?

Shares in Bear Stearns Cos Inc. (BSC) fell below $11 on Tuesday, inching down ever so slowly to JPMorgan's (JPM) new $10 offer for the beleaguered investment bank.

But while Tuesday's $10.94 closing price is a long way off of Monday's $13.75 intraday high following JPMorgan's new bid, the current market value remains lofty enough to suggest the market is still waiting for the last word on the deal.

UBS analyst Glenn Schorr, for one, thinks investors are still waiting for another bid to emerge, either from JPMorgan or another suitor – however unlikely that may be.

"At the current stock price, investors clearly believe another catalyst can drive the shares above the new $10 offer price," he said in a note to clients before markets opened Tuesday.

Although he believes the $10 per share offer is reasonable, and eventually, will win the day. He acknowledged the market's speculative nature around the situation, and added $1 of potential upside to the offer price, and raised his price target of Bear Stearns shares to $11.