Sprott Just raised target to $4.00!Recommendation: We believe that meeting its Q1/05 exit rate, while having the visibility to reach its 2005 exit target is a key achievement for C1. C1 is trading at a 4.9x debt-adjusted cash flow multiple on our revised 2006 estimates (which should be conservative), making it one of the cheapest stocks in our coverage universe. With an experienced management team, a strong balance sheet, a large undeveloped land and prospect inventory, significant growth in production per share over our forecast horizon and an excellent valuation, we reiterate our Buy recommendation. Consistent with the 21% increase in our 2006 cash flow estimate, we have increased our target price to $4.00 up from $3.25 previously.