UPDATE: Global Hunter Starts Pacific Drilling (PACD) at Buy, $12 Price Target

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(Updated - July 13, 2012 9:13 AM EDT)

Global Hunter Securities initiates coverage on Pacific Drilling S.A. (NYSE: PACD) with a Buy rating and a $12 price target.

The firm called Pacific Drilling "a very attractive pure-play opportunity to leverage the compelling growth dynamics of the global ultra-deepwater (UDW) contract drilling space." Global Hunter cited: "an exceptionally seasoned management team; a new fully standardized fleet of advanced, high-specification UDW rigs; a competitive advantage provided by its dual gradient drilling (DGD) technological capability; and dynamic earnings and free cash flow growth potential."

For an analyst ratings summary and ratings history on Pacific Drilling S.A. click here. For more ratings news on Pacific Drilling S.A. click here.

Shares of Pacific Drilling S.A. closed at $8.46 Thursday, with a 52 week range of $7.69-$11.47.

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