UPDATE: Global Hunter Initiates Parker Drilling at Buy (PKD)

Global Hunter is out with its report today on Parker Drilling PKD, initiating PKD at Buy with a $9 PT. In a note to clients, Global Hunter writes, "Parker Drilling offers multiple service lines and has exposure to a broad geography, and we believe the ongoing negative headlines to be fully factored into the stock. Growth in domestic Rental Tools continues with further investment and high-quality service, offsetting what is expected to be a soft 2011 for its International Drilling segment. Prospects for its US Drilling and Project Management segments should also enhance near-term earnings. We are initiating coverage of PKD with a Buy rating and a $9 price target based on 5.0x 2012 EBITDA." At the time of posting, shares of PKD were trading pre-market at $6.63, up 0.61% from Monday's close.