As reported earlier, BMO Capital analyst Philip Jungwirth downgraded Continental Resources to Market Perform from Outperform but raised his price target to $73 from $65. The analyst notes that the company has "successfully navigated the oil downturn" and now stands in position to produce "meaningful free cash flow and production growth with reduced leverage". However, Jungwirth also sees more compelling risk-reward at other E&P's given that Continental Resources is near the highs in terms of enterprise value to expected EBITDA valuation multiples and also "looks rich on implied acreage valuations".