UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Carrizo Oil & Gas on Higher NGL Composition

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Carrizo Oil & Gas

, but slightly lowered its price target from $35.00 to $34.00. Canaccord Genuity noted, “We lowered our target price $1 to $34 per share due to a slightly higher NGL composition. Notably, our target price includes a value of $20K per acre for the company's Utica Shale leasehold in Guernsey County. Early this year, Carrizo exercised its option to increase its leasehold in the Utica play to 17,000 net acres; approximately 50% of the acreage is in highly prospective Guernsey County. The company plans to drill its first Utica test in Guernsey County this summer.” Carrizo Oil & Gas closed on Tuesday at $22.58.