UPDATE: Credit Suisse Upgrades Carrizo to Neutral, Boosts Target to $45

In a research note published Wednesday morning, Credit Suisse's Mark Lear upgraded Carrizo Oil & Gas, Inc.

from Underperform to Neutral and raised his price target from $37.00 to $45.00. Lear increased investment rating follows a favorable meeting with Carrizo's management at a recent analyst day meeting. The analyst cited "the company's improving oil growth outlook and increased confidence in the depth of its Eagle Ford project inventory." The Credit Suisse analyst boosted his FY13, FY14, and FY15 EPS estimates from $2.26, $2.81, and $3.45 to $2.28, $3.07, $4.09, respectively. The Wall Street consensus estimate for Carrizo's FY13 currently sits at $2.30, while the FY14 estimate sits at $2.40. Despite the upgrade, Carrizo shares have just turned into negative territory. The stock last traded at $43.25, down about 0.3 percent for the session.