UPDATE: BMO Capital Markets Upgrades EnCana to Outperform on Favorable Liquids Exposure

BMO Capital Markets raised its rating on EnCana ECA from Market Perform to Outperform and increased its price target from $25 to $28. BMO Capital Markets noted, "We believe that Encana is on the right track. Proceeds from joint ventures should meet the anticipated funding gap in 2013 as well as future debt repayment obligations. At the same time, the company has begun a strategic shift with more emphasis on liquids opportunities that we believe is working. We also believe that gas prices could continue to move higher, assuming normal weather conditions. This could make Encana's gas portfolio more attractive. Our revised $28 target price implies a 14% discount to our 2013E net asset value and 7.9x 2013E EV/EBITDA." EnCana closed at $22.02 on Wednesday.