UPDATE: MLV & Co Reiterates Buy Rating, Lowers PT on Carrizo Oil & Gas, Inc. on Equity Offering

In a report published Tuesday, MLV & Co analyst Chad Mabry reiterated a Buy rating on

, but lowered the price target from $65.00 to $60.00. In the report, MLV & Co noted, "Sometimes it's best to raise capital when you can, not when you need to. That's certainly true for CRZO, whose stock was +14% YTD and -5% y/y—outperforming its benchmark, the EPX, at -1% YTD and -28% y/y—on sound operational execution and a strong balance sheet. From that position of relative strength, the company went to market last week with a common equity offering. While our NAV-based price target declines to $60 (from $65) on the dilution, we can't fault management's rationale as near-term downside risks to commodity prices remain quite real." Carrizo Oil & Gas, Inc. closed on Monday at $45.86.