UPDATE: Wunderlich Securities Initiates Prospect Global Resources at Buy

Wunderlich Securities initiates coverage on Prospect Global Resources (NASDAQ: PGRX) with a Buy rating and a price target of $10.Wunderlich Securities remarks, “We are initiating coverage of Prospect Global Resources (PGRX) with a Buy rating and a $10 price target. Over the next six to nine months there are several key milestones that when met will provide increased confidence in PGRX's ability to successfully access project debt financing by early 2013 and therefore achieve commercial production in late 2014 or early 2015. There are three parallel tracks that converge around year end to early 2013 with a goal of closing a project debt agreement before the end of March 2013. The three paths are: state permits to allow construction and production of a mine and ore processing plant; sale of off- take agreements; and steps to complete a bankable feasibility study in December 2012.”Prospect Global Resources closed at $2.15 on Monday.