Barclays analyst Matthew Taylor downgraded recent Baxter (BAX) spin-off Baxalta (BXLT) to Equal Weight saying the stock has surpassed his $38 fundamental price target. Taylor views Baxalta as fairly valued following the recent rally on the heels of Shire's (SHPG) all-stock takeover approach. He believes Shire would need to raise its offer to around $50 per share in order to engage shareholders and pressure Baxalta's board. Baxalta, however, has "numerous" takeover defenses and Shire is further challenged by its need to keep the deal all stock for tax purposes, Taylor tells investors in a research note. The biopharmaceutical company focused on hemophilia treatments closed yesterday up $2.19 to $39.79.