EnCana "buy," target price raised

06/23/08 - Canaccord Adams

NEW YORK, June 23 (newratings.com) - Analyst Richard Wyman of Canaccord Adams maintains his "buy" rating on EnCana Corp (ECA). The 12-month target price has been raised from $100 to $115.

In a research note published this morning, the analyst mentions that EnCana has one of the largest land positions in northeast BC. EnCana aims at boosting its natural gas production at Cutbank Ridge to 1.0 Bcf/d in the forthcoming five-to-ten years by mainly focusing on the Montney formation.