UPDATE: Stifel Nicolaus Cuts PT to $32 on InterMune

Stifel Nicolaus lowers its price target from $39 to $32 on Buy-rated InterMune

on extended deadlines for product launches. Stifel Nicolaus says, "After Thursday's (April 5) market close, InterMune provided further details on the French Transparency Commission's (

) Esbriet assessment as well as guidance around what will likely be extended launch timelines in France/Italy/Spain and extended patient enrollment timelines into the P3 ASCEND trial (now YE12 vs. 1H12 previously). We are adjusting our model and reducing our 12-month target price from $39 to $32 per share." ITMN closed at $15.28 on Friday.