UPDATE: Global Hunter Raises PT on Helmerich & Payne to $80 (HP)

Global Hunter is out with its report today on Helmerich & Payne HP, raising its PT from $70 to $80. In a note to clients, Global Hunter writes, "We are increasing our multiple to 7x, from 6.5x, to account for the premium we expect the market to pay for HP over peers due to its aggressive newbuild program and asset quality. The 7x multiple applied to our 2012 EBITDA estimate derives our new $80 price target, up from $70. We are maintaining our Accumulate recommendation." Shares of HP closed Wednesday at $65.48.