UPDATE: JP Morgan Upgrades Continental Resources to Overweight on Valuation, Catalysts
JP Morgan upgraded Continental Resources (NYSE: CLR) from Neutral to Overweight and maintained a $122.00 price target.
JP Morgan commented, "The company has several catalysts: confirming productivity of the TF2 and TF3 benches; testing the TF4 bench; optimizing density of Bakken and TF wells; lowering capital costs in Bakken and SCOOP plays; and confirming success of SCOOP. … Based on NAV, the upside potential is greater than that for the group. CLR is trading at 81% of NYMEX NAV versus the group at close to 101% and its peers at 99%. Our YE13 price target implies around 35% upside."
Continental Resources closed at $90.10 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.