Wells Fargo Upgrades Carrizo Oil & Gas (CRZO) to Outperform; Accelerating Liquids & Production; Great Entry Point

Wells Fargo upgraded Carrizo Oil & Gas (NASDAQ: CRZO) from Market Perform to Outperform. Valuation Range: $46-$50 from $34-$38.

Wells analyst says, "As the company shifts its focus from the Barnett towards the emerging Eagle Ford, Marcellus, and Niobrara plays, we believe Carrizo will see an impressive production growth profile over the next few years while changing the production mix to be more weighted towards liquids. We believe this growth coupled with cash flow to cover anticipated capital needs will drive shares to Outperform peers...We are lowering our 2011 EPS estimate to $1.90 from $1.93 and raising our 2012 EPS estimate to $5.76 from $5.60."

For more ratings news on Carrizo Oil & Gas click here and for the rating history of Carrizo Oil & Gas click here.

Shares of Carrizo Oil & Gas closed at $34.48 yesterday.

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