UPDATE: Pritchard Capital Raises PT on Mitcham Industries to $20

Pritchard Capital is out with its report today on Mitcham Industries MIND, raising its PT from $13 to $20. In a note to clients, Pritchard Capital writes, "MIND is expected to report Q1 FY 12 earnings on June 6th. We are buyers in front of the call. We expect good news coming from all segments. Even though our Q1 EPS estimate is in line with the street, we are above it for F2012. We are maintaining our 'Buy' rating and increasing our target price to $20 from $13." Shares of MIND closed Thursday at $14.38.