UPDATE: Deutsche Bank Initiates Magnum Hunter Resources at Buy with $6 PT
Deutsche Bank initiated its coverage on Magnum Hunter Resources (NYSE: MHR) with a Buy rating and a $6 price target based on asset attractiveness.
Deutsche Bank commented, "With core assets located in three of the Lower 48's premier plays, Magnum Hunter Resources offers an attractive small-cap play on the Eagle Ford and Bakken. Despite peer leading volume and cash flow growth over the next 18 months and much improved operating scale and financial liquidity, MHR's valuation discount still appears to reflect prior uncertainty surrounding growth and funding."
Magnum Hunter Resources closed at $3.98 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.