Comstock Resources initiated with a Buy at Clear Street

Clear Street analyst Tim Moore initiated coverage of Comstock Resources (CRK) with a Buy rating and $26 price target The firm takes a “contrarian view” based on estimating more attractive economics of Comstock’s Western Haynesville assets, which appear “undervalued,” the analyst tells investors. The firm likes the catalysts of Western Haynesville value unlocking and deleveraging and views the majority stakeholder as “not a large overhang,” adding that the stock has “adequate daily liquidity.”