UPDATE: Jefferies Lowers InterMune's PT

According to a research report published earlier today, Jefferies has lowered InterMune's

PT from $10 to $9. Jefferies said in the report, “Not encouraging SMR score of "3" (low/weak) and ASMR of "4" (minor improvement) for Esbriet in France. Moreover, France/Italy/Spain launches all delayed (likely YE12/2013 from ~2Q12); Esbriet Ph3 data for potential FDA approval also delayed to ~1H14 (from mid-2013). What matters in the end is sales; on delayed launches, smaller # of IPF pts in EU, less pricing power, we view consensus #s (Charts 1&2) need to come down significantly.” Jefferies maintains its Underperform rating on InterMune, which closed Friday at $15.28.