Rodman & Renshaw Reiterate Market Outperform on Carrizo Oil and Gas, Raise PT to $48

Rodman & Renshaw reiterated its Market Outperform on Carrizo Oil and Gas (NASDAQ: CRZO). At the same time, Rodman & Renshaw raised its price target on the company's stock from $47 to $48.

In a research report published today, Rodman & Renshaw state, "Our target price was just shy of $48 after our last update, and the tweaks we made to our estimates pushed it over the edge. We remain buyers of CRZO at current levels as we expect the company to deliver big production (and even bigger cash flow) growth over the next couple of years as it ramps up its Marcellus Shale and liquids-rich assets."

On Thursday, Carrizo added 2.89% to its value to close the day at $37.42.