UPDATE: Morgan Stanley Upgrades Continental Resources to Overweight, Raises PT on Strong Risk-Reward

In a report published Thursday, Morgan Stanley analyst Drew Venker upgraded the rating on Continental Resources CLR from Equal-Weight to Overweight, and raised the price target from $85.00 to $120.00. In the report, Morgan Stanley noted, “Strong risk-reward: Continental does not reflect a superior growth profile and low-risk resource potential upside. Trades at a discount to peers: 5.9x 2014e EBITDA vs. peers at 6.9x and oil weighted peers at 6.6x. Management's and shareholders' interests are one in the same: CEO Harold Hamm owns 68% of shares.” Continental Resources closed on Wednesday at $92.52.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorUpgradesAnalyst RatingsDrew VenkerMorgan Stanley
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!