UPDATE: Global Hunter Securities Upgrades Silver Standard Resources to Buy on Feasibility Study

Global Hunter Securities raised its rating on Silver Standard Resources SSRI from Accumulate to Buy and increased its price target from $21 to $22. Global Hunter Securities commented, "Silver Standard Resources (SSRI) provided the results of its feasibility study on the Pitarrilla project in Mexico. The feasibility study had an after-tax NPV of $737 million and a 12.8% IRR with $741 million in initial capital required for construction. As a result of the feasibility study we are increasing our price target from $21 to $22 and increasing our rating from Accumulate to Buy." Silver Standard Resources closed at $13.44 on Wednesday.