UPDATE: Global Hunter Raises PT on Herclues Offshore to $7.50 (HERO)

Global Hunter is out with its report today on Hercules Offshore (NASDAQ: HERO), raising its PT from $7 to $7.50.

In a note to clients, Global Hunter writes, "Hercules reported a 1Q EPS loss of ($0.12), in line with our expectations and a penny better than the street. Closure of the Seahawk Drilling acquisition now solidifies HERO's dominant position in the shallow-water GOM market. We see upside potential with rig reactivation, while company transparency and positive activity in the International Offshore segment provides greater confidence in execution as rigs roll off contract in 2011. We are increasing our price target to $7.50 from $7.00 and reiterate our Buy rating."

At the time of posting, shares of HERO were trading pre-market at $5.92, up 0.85% from Thursday's close.