UPDATE: Brean Murray Carret Lowers InterMune's PT

According to a research report published earlier today, Brean Murray Carret has lowered InterMune's

PT from $42 to $37. In the report, Brean Murray Carret said, “The French Commission de Transparence (

) indication that Esbriet does provide a benefit, which should offer the company good-pricing advantage in France. We continue to see upside, as expectations of denial of coverage in Europe work their way out of the stock. However, guidance that timelines to commercial launch in Europe and Phase 3 data for U.S. approval are delayed may be a source of frustration given how recently management had provided and reiterated timelines. We have adjusted our models to be even more conservative than management guidance now and still get a $37 target price, highlighting we what believe continues to be one of the most attractive risk-rewards in biotech.” Brean Murray Carret maintains its Buy rating on InterMune, which is currently trading at $12.78.