UPDATE: Bank Of America Reiterates On Continental Resources, Inc. On Unjustified Sell-Off

In a report published Friday, Bank of America analyst Doug Leggate reiterated a Buy rating on Continental Resources, Inc. (NYSE: CLR), and raised the price target from $93.00 to $95.00.

In the report, Bank of America noted, “In our view, the share price reaction to Continental's analyst update cannot be justified by any of the updated disclosure provided by management. On the other hand, we suggest that management's attempt to simplify the message had the opposite impact, confusing at some levels the resource outlook and complicating an investment case that is evolving towards a relatively simple, two play multi-year growth stock. However, with the benefit of a thorough asset review we contend CLR is accelerating growth to levels that we believe can sustain outperformance versus peers irrespective of the market's penchant to ‘sell the news'. We nudge our 12 month PO up to $95: however with a prospective multiple that we believe is cut in half within 4 years we believe CLR is poised for a multi-year period of appreciation and outperformance vs large cap US oil peers.”

Continental Resources, Inc. closed on Thursday at $70.05.