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.