UPDATE: Global Hunter Securities Downgrades Halcon Resources

Global Hunter Securities lowers its rating on Halcon Resources

to Neutral on valuation concerns and raises its price target to $11 from $6.60 following the reverse-split adjustment. Global Hunter Securities notes, "The initial flight of Halcon (

) has been impressive, with the market recognizing the value of capital in capable hands. We are beginning to see where the company will focus its efforts; in four reasonably well known but emerging plays, plus three plays as yet undisclosed. Halcon is focused on creating value from the ground floor, from leasing through development in oily, unconventional reservoirs." HK closed at $11 on Friday.