UPDATE: Global Hunter Securities Upgrades Encore Wire

According to a research report published this morning, Global Hunter Securities has upgraded Encore Wire

from Accumulate to Buy. In the report, Global Hunter Securities said, "Encore Wire announced on Monday that it repurchased 2.77MM shares, or 11.8% of its total shares outstanding, for $66.6MM or $24.02 per share, funded by cash on hand. The repurchase was completed under the previously approved 4MM share buyback program, leaving an additional 1.22MM shares available for future repurchase. This transaction is not only accretive to estimates but shows that management views reinvestment as an attractive capital allocation option for shareholder value creation. As a result of the transaction we are increasing our full-year 2012 and 2013 EPS estimates from $1.80 and $2.15 to $1.94 and $2.43, respectively." Global Hunter Securities maintains its $31 PT on Encore Wire, which closed yesterday at $24.42.