UPDATE: Canaccord Genuity Upgrades InterMune to Buy on Esbriet EU Momentum

Canaccord Genuity raised its rating on InterMune ITMN from Hold to Buy and increased its price target from $11 to $13. Canaccord Genuity commented, "We've been waiting for a signal that ITMN could execute on marketing Esbriet – we think this could be it. We think the strength in Q3 sales may signal the start of a new ramp in pirfenidone sales, buoyed by upcoming French and Italian launches. We expect continued positive momentum in H1/13 as France and Italy could be better organized and more enthusiastic re pirfenidone than Germany. We are raising our target on increased adoption rates forecast in Q4/12, 2013 and 2014." InterMune closed at $8.16 on Wednesday.