UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT Awaiting Inflection Point

In a report published Thursday, Stifel Nicolaus analyst Stephen Willey reiterated a Buy rating on InterMune ITMN, and raised the price target from $17.00 to $18.00. In the report, Stifel Nicolaus noted, “We believe 4Q13 now likely represents the long-awaited inflection point investors have been waiting to materialize in the model. However, we note the realization of that upside now increasingly looks like it will coincide with the disclosure of a competitive P3 data point from BI's nintedanib. And, while our recent review of nintedanib safety/tolerability data from ASCO would suggest Esbriet may have an advantage here, we note the introduction of another more-conveniently dosed agent of even equivalent/modest efficacy could limit visibility into a disease setting where a lack of definable progression makes it challenging for physicians to sequence therapy. However, we still find valuation and optionally around ASCEND data attractive here and remain Buy-rated.” InterMune closed on Wednesday at $12.81.