Canaccord Genuity Upgrades InterMune Inc. (ITMN) to Buy

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Canaccord Genuity upgraded InterMune Inc. (NASDAQ: ITMN) from Hold to Buy with a price target of $13.00 (from $11.00) following Q3 results.

The firm comments, "Raising to BUY, target to $13 from $11 on improved EU Esbriet (pirfenidone) launch momentum. We think Esbriet, ITMN's drug for idiopathic pulmonary fibrosis (IPF; an orphan lung disease), has good peak EU potential. Esbriet launch has encountered marketing challenges, but appears to now be trending positive. Still, we see headwinds from potential competitor data in late 2013. Our worldwide peak sales estimate is ~$2B in 2025, and our target is based on a DCF and pNPV analysis."

For an analyst ratings summary and ratings history on InterMune Inc. click here. For more ratings news on InterMune Inc. click here.

Shares of InterMune Inc. closed at $8.16 yesterday, with a 52 week range of $7.21-$23.28.

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