UPDATE: Stifel Nicolaus Raises PT to $20 on Comstock Resources on Increased Oil Production

Stifel Nicolaus reiterated its Buy rating on Comstock Resources

and increased its price target from $19 to $20 Stifel Nicolaus commented, "Yesterday after the close, CRK announced a cash flow beat, a JV on its Eagle Ford acreage at an attractive 25k/acre price, and positive additional vertical Wolfbone drilling results. We reiterate our Buy on the basis of increasing oil production growth, the company approaching FCF neutral by start of 2013, and the JV further improving the oil production growth relative to capex spend. We are increasing our target price from $19 to $20. Our revised target price reflects a 4.5x 2013 EV/EBITDA multiple." Comstock Resources closed at $17.78 on Monday.