UDPATE: Canaccord Lowers PT to $49 on Carrizo Oil & Gas

A report from Caraccord reiterates its Buy rating and lowers its price target to $49 on Carrizo Oil & Gas

. The report states, “We are reiterating our BUY rating on Carrizo following recent conversations with the company. We feel confident in Carrizo's ability to meet our 41% production growth expectation in '12 as execution remains strong in the company's core Eagle Ford, Niobrara and Marcellus Shale assets. It's worth noting our production forecast is light to the company's ~50% growth expectation, which is largely a function of timing of the commencement of the North Sea Huntington Field (Q4/12 versus planned mid-year ‘12).” CRZO closed yesterday at $28.46.