UPDATE: Stifel Nicolaus Upgrades Continental Resources to Buy

Stifel Nicolaus is out with its report today on Continental Resources (NYSE: CLR), upgrading CLR to Buy.

In a note to clients, Stifel Nicolaus writes, "With one of the largest acreage positions in the Bakken and a strong position in the Anadarko Woodford, CLR provides 23% CAGR visible production growth for the coming few years. The only drawbacks on the name are its relative valuation (always trades at a premium) and 2Q weather related production issues in the Bakken."

At the time of posting, shares of CLR were trading at $67.82, down 0.62% from Thursday's close.