UPDATE: Stifel Nicolaus Upgrades Continental Resources to Buy on Attractive Entry Point
Stifel Nicolaus raised its rating on Continental Resources (NYSE: CLR) from Hold to Buy and established a new $83 price target.
Stifel Nicolaus commented, "We believe that the entry point has become attractive, its underlying asset quality in the Bakken remains top tier, and asset upside from upcoming downspacing and other bench tests in the Three Forks provide near-term catalysts in the coming six months. … While growth rates will be lower on a go forward basis, CLR's growth rate is still above the industry average oil growth rate, 2013 production guidance has upside, and capex increases, in our view, are now behind the company, given the capex deflation starting to show up from lower service costs and pad drilling."
Continental Resources closed at $68.70 on Friday.
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