UPDATE: Morgan Stanley Raising Price Target On Ecopetrol S.A.

Morgan Stanley is out with a research report on Ecopetrol S.A. EN and is raising its price target to $51, but keeping its Equalweight rating on shares. In a note to clients, Morgan Stanley writes, "We are raising our price target to $51 on a more bullish production outlook. Our new production estimate is more bullish than management's target. EC has beaten its own production targets by a combined 134Kbpd since 2008, and we expect strong production growth to continue. We are increasing our production curve at a CAGR of 10% in 2011-13 off from a higher base after the company delivered year-to-date production growth in excess of 20% YoY. Our 2013 EPS estimate (normalized at $90/bbl) is 10% ahead of consensus, due to our steeper production curve." Shares of EN closed at $40.22 on Friday.