Jefferies Downgrades Magnum Hunter (MHR) to Hold

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Jefferies downgraded Magnum Hunter (NYSE: MHR) from Buy to Hold with a price target of $4.50 (from $6.50).

The firm comments, "Reserve report showed that resources acquired and discovered by company are less prolific and more expensive than we previously expected. 2013 could be a turning point if the company succeeds at selling high-cost properties, replacing them with low-cost ones, and managing its outspend."

For an analyst ratings summary and ratings history on Magnum Hunter click here. For more ratings news on Magnum Hunter click here.

Shares of Magnum Hunter closed at $4.48 yesterday, with a 52 week range of $3.29-$7.70.

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