Canaccord Genuity Reiterates a 'Buy' on Comstock Resources (CRK); Compelling Value Given Oil Growth

Canaccord Genuity reiterates a 'Buy' on Comstock Resources (NYSE: CRK) price target raised $2 to $46.

Analyst, John Gerdes, said, "We are raising our target price due to higher oil output/ price realizations. We believe Comstock should increase its liquids-weighting from 5% in ’11 to 22% in ’13. The 17-percentage-point increase is over twice the industry median and should generate ~30% greater CFPS growth than the group (’11-’13E CAGR). Yet, CRK trades at a ~35% discount (’12E EBITDA) on liquidity concerns we believe are overstated."

For an analyst ratings summary and ratings history on Comstock Resources click here. For more ratings news on Comstock Resources click here.

Shares of Comstock Resources closed at $12.45 yesterday, with a 52 week range of $11.05-$33.63.

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