Wunderlich Raises Price Target for GMX Resources (GMXR)

Wunderlich Securities raised its price target for GMX Resources GMXR. Wunderlich said, "GMX reported a solid 2Q10 and we anticipate several positive quarters going forward. GMX seems to have found the groove with its Haynesville wells and we believe the company should continue to achieve record quarterly production going forward. We maintain our Buy rating and are raising our price target to $12.00 per share from $10.00 based on our estimated $3.36/share in 2011 cash flows applied to a 3.6x peer group multiple."