UPDATE: Global Hunter Increases PT on Union Drilling to $11.50 (UDRL)

Global Hunter is out with its report today on Union Drilling UDRL, raising its PT to $11.50.

In a note to clients, Global Hunter writes, "Applying the same 4x multiple to our 2012 EBITDA estimate we derive an $11.50 price target, up from $7.50. With >18% upside to our target, which we view as conservative on a multiple basis and the potential for upward revisions to our 2012 estimate if UDRL adds additional assets at high utilization, we are assigning an Accumulate rating."

At the time of posting, shares of UDRL were trading pre-market at $10.25, up 5.67% from Friday's close.