Cowen analyst Ken Cacciatore said the deal price paid by Shire (SHPG) for Baxalta (BXLT) was well telegraphed but that investors were surprised that management's three year accretion guidance fell short of previous expectations. Investors were also dissappointed to hear that near-term cash flow was guided to be deployed for delevering, rather than management pointing toward share repurchases. Cacciatore, however, believes that a combination of debt repayment along with share repurchases will ultimately be pursued and he feels that risks are now "very well factored" into Shire's share price, while its opportunities are not. The analyst, who thinks investors should be buying Shire shares aggressively, has an Outperform rating and $325 price target on the stock.