UPDATE: Credit Suisse Downgrades InterMune to Neutral, Reiterates $33 PT as Balanced Risk/Reward is Reflected in Price

In a report published Friday, Credit Suisse analyst Ravi Mehrotra downgraded the rating on

from Outperform to Neutral, but reiterated the $33.00 price target. In the report, Credit Suisse noted, “Our $33 TP, Esbriet estimates, and P&L modeling remain unchanged (after our inclusion of US Esbriet revenues following positive ASCEND data earlier this week). With the stock price around our target price and the balance of risk/reward reflected in the stock price, we move ITMN to Neutral based on the key points/observations below.” InterMune closed on Thursday at $30.65.