UPDATE: Jefferies Upgrades Continental Resources from Hold to Buy; Valuation Reasonable

Jefferies raises its rating on Continental Resources CLR from Hold to Buy while reiterating its $86 price target. Jefferies comments, "Valuation Is Reasonable … with an enterprise value of $14.5B, we estimate the shares are reflecting ~ 1,000 probable Bakken locations. Continental has over 3,000+ unbooked locations assuming 320-acre spacing each for Bakken and Three Forks targets. Our calculation also gives no credit for Anadarko Woodford locations beyond the 120 locations booked as pud's." CLR closed at $69.02 on Tuesday.