UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Magnum Hunter Resources Corp. as Marcellus and Utica are Front and Center

In a report published Thursday, Wunderlich Securities analyst Irene O. Haas reiterated a Buy rating on Magnum Hunter Resources Corp. MHR, and raised the price target from $10.00 to $12.00. In the report, Wunderlich Securities noted, “The Appalachia is challenging with tough terrain and spotty infrastructure. To compound the problem, weather can be very tricky with this winter being particularly daunting. Magnum Hunter (MHR) has spent tons of capital, time, and effort to bring its Marcellus and Utica wells on line and this is paying off. Even with delays, there is a good chance that MHR will add more than 16,000 boepd by mid-2014, and the company is sticking with its 35,000 boepd exit rate for 2014 as each of the monster Utica-Marcellus wells can have huge impact. We reiterate our Buy rating on MHR and raise our price target to $12.” Magnum Hunter Resources Corp. closed on Wednesday at $8.03.