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UPDATE: Deutsche Bank Initiates Coverage on Continental Resources with Buy Rating, $94 PT

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Societe Generale Upgrades Continental Resources To Buy
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In a report published Friday, Deutsche Bank initiated coverage on Continental Resources (NYSE: CLR) with a Buy rating and $94.00 price target.

Deutsche Bank noted, “Our broader industry view is for less sustainable oil growth than the market expects longer-term, increasing scarcity of quality oil growth assets, limited success in emerging basins (NAV expansion) and range-bound near-term commodities. In this environment, CLR is uniquely positioned, with the dominant Bakken position in the industry, peer leading volume and cash flow growth, and deep resource inventory with significant upside from lower benches and downspacing. Cost control will be key, but we see costs and capital efficiency turning a corner in 2013. Initiate at Buy with a $94 PT.”

Continental Resources closed on Thursday at $76.03.

Latest Ratings for CLR

DateFirmActionFromTo
Apr 2015Deutsche BankMaintainsHold
Mar 2015Societe GeneraleUpgradesHoldBuy
Mar 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for CLR
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Initiation Analyst Ratings

 

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