UPDATE: BMO Capital Markets Downgrades Carrizo Oil & Gas to Market Perform on Commodity Headwinds

BMO Capital Markets lowered its rating on Carrizo Oil & Gas

from Outperform to Market Perform and reduced its price target from $30 to $26. BMO Capital Markets noted, "We are downgrading CRZO to MARKET PERFORM, a move that's as much about our change in commodity price forecast dated the same as it is about company fundamentals. We recognize the company has made greater strides than most small caps in transitioning from low-/no-margin dry gas drilling to higher-margin growth through the development of oil/liquids resources, yet we contend the commodity price headwind (talking about WTI and Brent, not NGLs), combined with the lack of fresh, near-term drilling catalysts, could prove too great a hurdle for the stock to outperform." Carrizo Oil & Gas closed at $23.53 on Friday.