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UPDATE: JP Morgan Upgrades Continental Resources to Overweight on Valuation, Catalysts

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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.

Latest Ratings for CLR

Nov 2015BarclaysMaintainsEqual-weight
Nov 2015WunderlichUpgradesHoldBuy
Oct 2015Deutsche BankMaintainsHold

View More Analyst Ratings for CLR
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Upgrades Analyst Ratings


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