UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on EnCana Corporation on Trimmed 2013-2016 Forecasts

In a report published Monday, Credit Suisse reiterated its Neutral rating on EnCana Corporation

, but slightly lowered its price target from $22.00 to $21.00. Credit Suisse noted, “Incorporating Encana's previously reported Q4 results and 2013 guidance, we have lowered our EPS/CFPS estimates for 2013-2015 as illustrated in our full report. We are lowering our 2013/2014/2015 EPS estimates to $0.74/$1.14/$1.34 (from $0.90/$1.43/$1.63). The key drivers behind the lower estimates is a reduction in our crude oil & NGL production forecast (see below) and higher than expected 'transportation & processing' costs. Guidance is for 'transportation & processing' costs to average US$1.25/mcfe in 2013 versus US$1.08/mcfe in 2012 due to contractual processing arrangements related to prior mid-stream asset sales.” EnCana Corporation closed on Friday at $17.84.