UPDATE: KeyBanc Capital Markets Upgrades EXCO Resources to Buy on Catalysts

KeyBanc Capital Markets raises its rating on EXCO Resources XCO from Hold to Buy with a price target of $10 a share. KeyBanc Capital Markets notes, "EXCO Resources, Inc. (XCO-NYSE) has a number of potential transactions that are on the cusp of being consummated, which could provide significant catalysts for shares if executed to plan. XCO is negotiating the sale of TGGT, its midstream asset, which it owns 50/50 with BG Group, and is also exploring a possible joint venture on the Company's conventional gas assets with a number of interested parties. A joint venture would not only provide a liquidity event but could also be a vehicle for further opportunistic acquisitions of conventional gas assets that are depressed in today's natural gas pricing environment." XCO closed at $7.08 on Monday.