The firm also reiterated its "buy" rating on the Oklahoma City-based oil and natural gas company.
The higher price target comes after the firm attended "upbeat" investor meetings with the company's management.
"CLR is the largest leaseholder in the Williston Basin (WB) and a pioneer in the development of the SCOOP and STACK plays in Oklahoma, where it also the largest and most active leaseholder, is achieving impressive results, and has considerable upside that we do not believe is reflected in the stock price," Canaccord wrote in an analyst note.
Contrary to recent media reports, Continental Resources has not begun to complete drilled and uncompleted (DUC) wells in the Williston Basin, but is likely to do so if WTI holds in the $45 to $50 per barrel range, the firm noted.
"Working down the DUCs would likely accelerate if WTI got to and stayed in the $50's. Any increase in completion activity will not likely impact production until Q4/16," Canaccord added.
Shares of Continental Resources are gaining 2.44% to $43.67 in early-morning trading on Monday as oil prices advance today.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CLR