UPDATE: Global Hunter Securities Upgrades Legacy Reserves to Buy on Price Weakness

Global Hunter Securities raised its rating on Legacy Reserves

from Accumulate to Buy. Global Hunter Securities noted, "We are upgrading our rating on LGCY to Buy from Accumulate and keeping our $31 price target unchanged after the MLP reported its Q3:12 results and the units traded down 4%. We feel the price decline was overdone and want to take advantage of the weakness. … [W]e believe that LGCY is poised to benefit from its growth spending going forward, as the wells drilled in the Wolfberry are brought online. As a display of confidence, LGCY raised its distribution 1% sequentially; we forecast continued distribution growth and believe that Q3 was a non-event." Legacy Reserves closed at $27.19 on Wednesday.