Jefferies analyst John Edelman initiates coverage on Comstock Resources (NYSE: CRK) with a Hold rating and a price target of $14.00.

The analyst comments "CRK is the equity most sensitive to changes in front-month natgas prices. We initiate at Hold ($14 PT), viewing risk/reward as better than downbeat sentiment would suggest. With few US operators engaged in exploration, CRK stands out as it scales up its Western Haynesville play. We calculate that the play extends runway to ~17 years; however, elevated financial leverage and costly exploration (~$3k/ft) add equity volatility (in both directions)."

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Shares of Comstock Resources closed at $13.82 yesterday.