Comstock Resources initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Comstock Resources (CRK) with an Equal Weight rating and $18 price target amid a broader research note on the North American E&Ps. Comstock’s location near the U.S. Gulf Coast provides attractive access to the growing LNG fairway as it is a pure-play Haynesville producer, the analyst says. While Comstock’s Western Haynesville opportunity presents potential for longer-term growth and upside, the firm believes more clarity and results are needed to fully appreciate value.