UPDATE: Rodman & Renshaw Ups Target to $8.50 on Magnum Hunter Resource

Rodman & Renshaw raises its rating on Outperform-rated Magnum Hunter Resource

to $8.50, up half a dollar, as it adjusts estimates on higher commodity price realization. Rodman & Renshaw says, "Higher forecast commodity price realizations and lower forecast per-unit LOE (partially offset by higher forecast G&A) cause our 2012 CFPS estimate to rise to $0.90 from $0.88. For 2013, our CFPS estimate rises to $1.17 from $1.15." MHR closed at $6.92 a share on Wednesday.