KLR Group Upgrades Carrizo Oil & Gas (CRZO) to Buy

KLR Group upgraded Carrizo Oil & Gas (NASDAQ: CRZO) from Accumulate to Buy with a price target of $51.00 (from $52.00).

Analyst John Gerdes commented, "We are upgrading CRZO from Accumulate to Buy and lowering our target price $1 to $51 per share following minor model refinements. CRZO has depreciated ~40% since early May and now reflects ~50% equity value upside thus meriting an upgrade to Buy. Our ’15 production expectation of ~36.6 Mboepd is ~4% above company guidance (34.6-35.2 Mboepd). Our economic model contemplates a three to four-rig Eagle Ford program next year and a five to six-rig Eagle Ford/Niobrara program in ’17."

For an analyst ratings summary and ratings history on Carrizo Oil & Gas click here. For more ratings news on Carrizo Oil & Gas click here.

Shares of Carrizo Oil & Gas closed at $33.91 yesterday.

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