UPDATE: Global Hunter Securities Downgrades Comstock to Neutral, Cuts PT to $20

Global Hunter Securities lowers its rating on Comstock CRK to Neutral from Accumulate and cuts its price rating by $10 to $20 a share on capex and growth concerns due to cheap gas and limited liquidity. Global Hunter Securities says, "CRK entered 2012 with its gas production completely unhedged (96% of Q3 production was gas) and sporting a borrowing base that pro forma for the Eagle deal appears close to being tapped out (we estimate $100MM of availability on the $700MM line at year-end). In a sub $2.50/MMBtu gas world, such conditions throw a serious wrench in the aggressive development plans of these newly acquired oily assets and tempers our enthusiasm in regards to the company's growth profile over the next two years." CRK closed at $12.14 a share on Monday.