UPDATE: Oppenheimer Upgrades Comstock Resources to Outperform

According to Oppenheimer, Comstock Resources CRK is upgraded to Outperform. Oppenheimer said that it is upgrading CRK shares to Outperform from Perform with a $30 price target based on an improved 2012 outlook following the company's announced acquisition in the Permian Basin earlier this week. “CRK now has two core oil plays to drive production growth, which we anticipate will result in sharply higher earnings and cash flow going forward.” Comstock Resources closed yesterday at $19.32.