UPDATE: Canaccord Genuity Initiates Magnum Hunter Resources at Buy with $6 PT

Canaccord Genuity initiated its coverage on Magnum Hunter Resources

with a Buy rating and a $6 price target based on asset attractiveness. Canaccord Genuity 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.