Continental Resources (CLR) raised to BUY
Posted: Fri Apr 01, 2016 8:43 am
Stifel has raised their price target on CLR by $6 to $38 (which is equal to my valuation).
Reiterate Buy
"Taking into account CLR's significant borrowing capacity - $1.9B available on its $2.75B unsecured credit facility and an expected improvement in the balance sheet based on current strip prices, its high-quality DUC backlog - which provides a source of low capital intensity growth, and an asset base that provides upside potential from delineation of emerging assets (STACK,
SCOOP, Springer), we reiterate our Buy rating and are increasing our target price 19% to $38/share."
Reiterate Buy
"Taking into account CLR's significant borrowing capacity - $1.9B available on its $2.75B unsecured credit facility and an expected improvement in the balance sheet based on current strip prices, its high-quality DUC backlog - which provides a source of low capital intensity growth, and an asset base that provides upside potential from delineation of emerging assets (STACK,
SCOOP, Springer), we reiterate our Buy rating and are increasing our target price 19% to $38/share."