UPDATE: Pritchard Capital Upgrades Continental Resources; Sell-Off Overdone

Pritchard Capital upgrades Continental Resources (NYSE: CLR) to Buy from Hold and raises its price target from $94 to $100 as it believes yesterday's sell-off is overdone.

Pritchard Capital comments, "– While we understand investor's concerns regarding the increase in CLR's 2012 capex budget, we believe the market over reacted yesterday. The increase in capex will not only drive 2012 production growth but will also support solid growth in 2013 as the company is allocating money during H2 12 to drill ECO-pad wells that will be completed the following year. We are raising our NAV and price target to $102 and $100 from $96 and $94 driven by our confidence that CLR is poised to exploit its assets as well as additional drilling locations due to the company's recent acquisitions."

CLR closed at $81.94 on Thursday.