UPDATE: Bank of America Upgrades EnCana Corporation to Neutral, Raises PT Following New Strategy Release

In a report published Wednesday, Bank of America analyst Peter K. Ogden upgraded the rating on

from Underperform to Neutral, and raised the price target from $20.00 to $21.00. In the report, Bank of America noted, “Encana released its new strategy yesterday, highlighting lower than expected spending in 2014 ($2.5bn), a higher than expected dividend cut (down 65% to $0.07/sh per quarter or 1.5% yield), a proposed IPO of its royalty interests in the Clearwater mineral fee title lands, continued workforce reductions of 20%, the potential for additional divestitures, and 10% CAGR on CFPS 2013-2017.” EnCana Corporation closed on Tuesday at $18.34.