UPDATE: Global Hunter Raises PT on Bronco Drilling to $13.50 (BRNC)

Global Hunter is out with its report today on Bronco Drilling BRNC, raising its PT from $11 to $13.50. In a note to clients, Global Hunter writes, "To account for our revised annual rig count forecast and increased dayrate assumptions, we are updating our 2011 and 2012 EPS estimates to $0.34 and $0.75, up from $0.20 and $0.45. Consensus currently stands at $0.17 and $0.39, or roughly 101% and 93% below our 2011 and 2012 EPS estimates. Applying the same 6x multiple to our 2012 EBITDA estimate derives our new $13.50 price target, up from $11. We are maintaining our Accumulate recommendation." Shares of BRNC closed Wednesday at $9.65.