UPDATE: Global Hunter Securities Lowers PT on Transatlantic to $1.75, Reiterates Buy

Global Hunter Securities reiterates its Buy rating on Transatlantic

and lowers its price target to $1.75 from $2.60 on lower production assumptions. Global Hunter Securities says, "We are lowering our price target for Transatlantic (

) to $1.75 from $2.60, on lower assumed production in 2012 following an end-2011 guidance miss. Our price target represents a price/NAV of 83%, and 8.7x 2011E and 5.9x 2012E EBITDA multiples. Our 2011 NAV estimate drops to $2.11 per share, and we expect production growth to slow while the new COO settles in and plans are re-jigged. However, our EPS estimates for 2011 and 2012 are up on revised oil price assumptions, to ($0.06) and $0.10/share vs. ($0.07) and $0.08, respectively." TAT closed at $1.26 per share on Thursday.