UPDATE: Canaccord Genuity Reduces PT to $36 on Comstock Resources

Canaccord Genuity reiterated its Buy rating on Comstock Resources

but lowered its price target from $39 to $36 on weak gas volume outlook. Canaccord Genuity commented, "We our lowering our target price $3 to $36 per share due to a stronger than anticipated rollover in Haynesville gas production and a lower gas price realization. In '13, we now expect the company's overall gas production to decline ~25% (in line with guidance) versus our prior expectation of a ~15% decline." Comstock Resources closed at $17.87 on Friday.