UPDATE: Canaccord Lowers Kodiak Oil & Gas' PT

According to a research report published this morning, Canaccord has lowered Kodiak Oil & Gas' KOG PT to $11. In the report, Canaccord said, "We are reiterating our BUY rating, but decreasing our price target to $11.00 following Kodiak's operational update ahead of Q1/12 results. While the magnitude of the Q1/12 volume miss is a clear disappointment and we expect the shares to come under pressure, we remain focused on KOG's superior asset productivity and above-average growth prospects. We still believe Kodiak has the right combination of oil leverage/superior asset productivity to drive relative performance and we would use any weakness in the shares as a buying opportunity." Kodiak closed yesterday at $9.11.