Jefferies Raises Price Target on Encana (ECA) After Hosting Meetings with Management

Jefferies reiterated a Buy rating on EnCana Corp. (NYSE: ECA), and raised the price target to $12.00 (from $11.00), after hosting meetings with management in NYC. ECA shares continue to screen as a value given the rapid debt reduction, identified and fundable resource growth, and the trapped value of non-producing sale-able assets.

Analyst Jonathan Wolff commented, "We hosted meetings for ECA management in NYC following its Montney Investor Day. Our time with management lent greater confidence to the quality of ECA's high-graded portfolio as ECA continues to lower debt and improve its ability to fund itself. We are raising our price target to $12 from $11 to reflect faster and lower-cost resource conversion of its expanded de-risked Montney area."

For an analyst ratings summary and ratings history on EnCana Corp. click here. For more ratings news on EnCana Corp. click here.

Shares of EnCana Corp. closed at $7.39 yesterday.

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