UPDATE: Jefferies Lowering Price Target On Carrizo Oil & Gas

Jefferies & Co. is out with a research report on Carrizo Oil & Gas CRZO and is lowering its price target to $33 from $39, and it has a Hold rating on shares. In a note to clients, Jefferies & Co. writes, "Eagle Ford and Niobrara results continue to be solid. Some execution issues outside those areas, with delays in the Marcellus and at Huntington. Valuation has become more attractive; however, we believe there are better opportunities to put money to work in E&P. Maintain our Hold." Shares of CRZO gained 59 cents yesterday to close at $27.62.