Brean Murray Carret Reiterates Buy, $42 Target on InterMune
Brean Murray Carret maintains its Buy rating and $42 target price on InterMune (NASDAQ: ITMN) as the company's fourth quarter results were largely in line with expectations.
Brean Murray Carret says, "InterMune's 4Q11 earnings came in largely in line with expectations, given the key data point, Esbriet sales, were announced in early January. The company is in the midst of negotiating reimbursement with numerous major EU markets but all eyes are on the German Health Authority assessment which is expected in mid March. The call was devoid of insight into the ongoing negotiations, but we continue to believe that the ultimate outcome will be a reasonable discount to the current German price, ~$40k per year, which we believe, once secured, will lead to significant share appreciation."
ITMN closed at $15.41 a share yesterday.
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