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