UPDATE: Citi Raises PT on ECA Marcellus Trust I to $34

Citi is out with its report today on ECA Marcellus Trust I ECT, raising its PT from $32.50 to $34. In its report, Citi writes, "In the long term, we urge investors able to sustain some volatility, to strategically add to/build positions. This suggests that cash flow growth and potential price appreciation is supported mainly by: 1) strong development drilling program, 2) cash flow stream protected by 3-year hedging program, and 3) continued interest in yield-oriented Investments. We are raising our 12-month target price by $1.50 to $34.00 per unit." At the time of posting, shares of ECT were trading at $26.58, down 1.96% from Thursday's close.