Baird Maintains an 'Outperform' on InterMune (ITMN); Q3-11 Update: Getting Underway in Europe

Baird maintains an 'Outperform' on InterMune Inc. (NASDAQ: ITMN) price target lowered from $56 to $51.

Baird analyst says, "Numbers weren’t expected to be meaningful in Q3, but they will become increasingly so going forward. We found ITMN’s update generally constructive and consistent with expectations that have been set for a slow-but-steady European launch. Valuation looks supportable by recent Street expectations for Esbriet in Europe alone, but there's a potential tailwind there now, and there’s also US call option that could prove very valuable mid-13."

For more ratings news on InterMune Inc. click here and for the rating history of InterMune Inc. click here.

Shares of InterMune Inc. closed at $24.66 yesterday.

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