Continental Resources (CLR) PT Lifted to $185 at BofA/Merrill Lynch

BofA/Merrill Lynch analyst Doug Leggate boosted his price target on Buy-rated Continental Resources (NYSE: CLR) to $185.00 (from $170.00) following a road trip with management.

The analyst noted management had one simple message: on multiple levels, risks to estimated total resource, production targets and ultimately cash flow appear skewed higher versus guidance that is almost two years old.

"Specifically, discussions with management centered on two issues: ongoing down spacing and upsize frac tests in the ND Bakken and the move to full development in the SCOOP," Leggate commented. "While management did not discuss specifics, confirmation of 3rd party analogs and critically, a subtle but steady increase in declared acreage in the SCOOP leads us to conclude management’s drilling backlog declared in October 2012 may no longer be reasonable."

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 $156.25 yesterday.

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