UPDATE: Canaccord Genuity Reduces PT to $36 on Comstock Resources
Canaccord Genuity reiterated its Buy rating on Comstock Resources (NYSE: CRK) 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.
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Tags: Canaccord Genuity