UPDATE: Global Hunter Upgrades RPC to Accumulate

Global Hunter is out with its report today on RPC (NYSE: RES), upgrading RES from Neutral to Accumulate.

In a note to clients, Global Hunter writes, "We are upgrading shares of RES to Accumulate from Neutral and increasing our price target to $29 from $27. Yesterday's sell-off is not reflective of the underlying business with margin concerns specific to 2Q. The stock has a more attractive valuation, and we have less concern for margin compression with 2H 2011 pricing improvement."

At the time of posting, shares of RES were trading pre-market at $25.00, up 2.97% from Wednesday's close.