Baird Starts InterMune (ITMN) at Outperform

After the close Thursday, Baird resumed coverage on InterMune Inc. (NASDAQ: ITMN) with an Outperform rating and $24 price target.

The firm cited the potential for Esbriet to achieve blockbuster sales as the first approved treatment for Idiopathic Pulmonary Fibrosis (IPF).

"We expect stable sales growth in Europe to provide support for a value multiplying binary event around the outcome of the Phase 3 ASCEND study (estimated 1H14)," analyst Brian P. Skorney said. "If successful, we believe the stock could be 3-5x the current price."

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 $9.95 yesterday.

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