UPDATE: Jefferies Lowers PT on Continental Resources from $81.00 to $71.00

Jefferies has published a report on Continental Resources CLR lowering the price target $10. In the report, Jefferies wrote, "While overall growth is appreciated, market has yet to embrace CLR's significant Cana program. Oil ratio light given sizeable Williston activity. Despite cautious tones, we remain constructive given massive Williston inventory and competitive costs. There is a mis-match between CLR's ambitions and market expectations." Jefferies rated Continental Resources a BUY with a price target lowered from $81.00 to $71.00. Continental Resources closed Thursday at $56.15.