UPDATE: JP Morgan Cuts PT to $21 on Carrizo Oil & Gas on Model Update

JP Morgan reiterated Carrizo Oil & Gas

with a Neutral rating and lowered the price target from $31.50 to $21.00. JP Morgan commented, "We are decreasing our price target to $21 from $31.50. We base this target on 300% of YE13E JPM NAV, which is above where the group is trading. The market appears willing to give CRZO a premium multiple, at least over the near term." Carrizo Oil & Gas closed at $20.74 on Wednesday.