Shares of Chesapeake Energy Corp. bounced sharply off a 10-month low Friday, as a big rally in oil prices helped offset J.P. Morgan analyst Arun Jayaram turning bullish on the oil and gas production company. Jayaram cut his rating to underweight, after being at neutral for at least the past three years, citing concerns over near-term headwinds from the $4 billion WildHorse Resource Development Corp. announced in late October. The stock rallied 2.6% in morning trade, after closing Thursday at the lowest level since Feb. 21. Jayaram said that although the acquisition, which provided increased oil weightings, was a "necessary step" to turn the corner on its turnaround plan, "the stock will likely be a 'show me' situation" as investors generally had mixed views on the East Texas Eagle Ford plays.