UPDATE: Deutsche Bank Downgrades Encana to Sell on Production Trend Challenges

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Deutsche Bank lowered its rating on Encana
ECA
from Hold to Sell. Deutsche Bank noted, "While YTD performance (+23%) at ECA is explained by the bounce in NG and improving 2013 gas balances, we struggle to explain relative value in what we view as a lagging capital efficiency story with challenged underlying production trends. With CAL13 now above our estimates we recommend a more selective approach to the stocks. At ECA, we see a negative inflection point in the revisions cycle that has helped the stock YTD due to mix shift and regional gas realizations." Encana closed at $22.51 on Wednesday.
Posted In: Analyst ColorDowngradesPrice TargetPre-Market OutlookAnalyst RatingsDeutsche Bank
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