UPDATE: Sterne Agee Initiates Coverage on Carrizo Oil & Gas on Upside from Drilling Inventory Expansion, Utica Shale Catalysts
In a report published Friday, Sterne Agee analyst Tim Rezvan initiated coverage on Carrizo Oil & Gas (NASDAQ: CRZO) with a Buy rating and $50.00 price target.
In the report, Sterne Agee noted, “We are initiating coverage of Carrizo with a Buy rating and $50 PT. Despite Carrizo's YTD rally (+96%), we still see upside. Eagle Ford downspacing testing and drilling results from the Utica Shale should validate the quality and depth of Carrizo's inventory in these plays, and potential bolt-on acquisitions with proceeds from a non-core asset sale should provide further running room to complement core positions in the Eagle Ford Shale and Niobrara.”
Carrizo Oil & Gas closed on Thursday at $40.98.
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