Jefferies Downgrades Continental Resources (CLR) to Hold

Jefferies downgraded Continental Resources (NYSE: CLR) from Buy to Hold with a price target of $70, citing valuation.

The firm comments, "Lower long term gas prices are offset by higher ’12 cash flows. ’12 cash flows increase to $1.6B from $1.5B on the increase to our ’12 oil deck to $95 from $90. 80% credit for CLR’s unbooked ND Bakken and Cana probables continues to account for $30 of our $70 target."

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

Shares of Continental Resources closed at $73.18 yesterday, with a 52 week range of $42.43-$77.50.

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