Comstock Resources price target lowered to $19 from $24 at Citi

Citi analyst Scott Gruber lowered the firm’s price target on Comstock Resources (CRK) to $19 from $24 and keeps a Neutral rating on the shares. The firm updated its model with revised estimates into earnings, resulting in discretionary cash flow of roughly $230.1M which is marginally below consensus estimates for about $244.8M, largely due to Citi’s slightly more conservative pricing assumptions. The firm added that it models production in the quarter at the midpoint of guidance rising moderately higher.