UPDATE: Global Hunter Securities Downgrades Plains Exploration & Production to Accumulate

Global Hunter Securities reduced its rating on Plains Exploration & Production PXP from Buy to Accumulate while reiterating its price target of $63 per share. Global Hunter Securities said, "Despite the substantial estimated upside to our $63 price target for PXP shares, we are downgrading the stock to Accumulate from Buy given the inherent risk and uncertainty with the pending acquisition. In the near term, we see a few positive catalysts on the horizon for PXP; however, several significant near- to medium-term questions remain to be answered concerning yesterday's announced acquisition." Plains Exploration & Production closed at $36.09 on Monday.