UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Halcon Resources Corp.

In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Halcon Resources Corp. HK, but slightly lowered its price target from $10.00 to $9.00. BMO Capital Markets noted, “Assets look cheaper than corporates today, so we can say ‘positive' with respect to the transaction, at least in relative terms. We qualify this opinion with the use of the word ‘common.' By this we mean HK is acquiring leasehold in a known producing basin. Visible growth, yes. High margin growth, yes. But it doesn't excite in the way we know the HK management to build a company with less proven leasehold. Maybe that's where the Utica and other resources come in.” Halcon Resources Corp. closed on Tuesday at $6.97.