UPDATE: Stifel Nicolaus Cuts PT to $37 on Theravance Ahead of March PADAC Meeting

Stifel Nicolaus maintained Theravance

with a Buy rating and lowered the price target from $40.00 to $37.00. Stifel Nicolaus commented, "We expect the release of BREO briefing docs (likely March 4th/5th) and subsequent PADAC meeting to likely generate a meaningful amount of volatility in the stock. However, we continue to like the risk/reward at current levels and remain Buy-rated with $37 target price." Theravance closed at $21.60 on Tuesday.