UPDATE: Global Hunter Upgrades Mitcham Industries to Buy (MIND)

Global Hunter is out with its report today on Mitcham Industries MIND, upgrading shares of MIND from Accumulate to Buy. In a note to clients, Global Hunter writes, "MIND posted impressive FQ4 2011 results exceeding consensus expectations and would have matched our forecast if not for year-ending expenses. Demand for seismic services has clearly turned, with momentum accelerating both internationally and in North America. Higher activity levels along with growing crew channel counts suggest MIND's leasing business is set for an impressive F2012 and beyond, in our opinion. As such, we have revised estimates higher and are increasing our price target to $18, from $13, based on the same 4.5x EBITDA multiple placed on our F2013 estimate. Given the perceived growth and upside to our target, we are upgrading MIND from Accumulate to Buy." MIND closed Wednesday at $14.20.