UPDATE: Global Hunter Raises PT on Mitcham Industries to $22

Global Hunter is out with its report today on Mitcham Industries MIND, raising its PT from $18 to $22. In a note to clients, Global Hunter writes, "Applying the same 4.5x multiple to our fiscal 2013 EBITDA estimate, we are increasing our price target to $22, up from $18. We expect MIND to be a major beneficiary of increasing E&P capex spend for seismic services, capitalizing on significant investments made to expand its lease pool and market footprint in recent years. Based on its current valuation and upside to our price target, we reiterate our Buy recommendation." Shares of MIND closed Tuesday at $15.22.