UPDATE: Global Hunter Initiates Rare Element Resources to $18.50

Global Hunter is out with its report today on Rare Element Resources

, initiating REE at Buy. In a note to clients, Global Hunter writes, "We believe that Rare Element is undervalued based on the upcoming catalysts and advantages over other development companies in the REE sector. We are initiating coverage with a Buy rating and a 12-month price target of $18.50." At the time of posting, shares of REE were trading pre-market at $11.20, up 4.87% from Wednesday's close.