Traders Shrug at JP Morgan's Ecopetrol Upgrade, Shares Modestly Lower
June 11, 2013 at 13:44 PM EDT
JP Morgan's Caio Carvalhal issued a note Tuesday boosting his investment rating on Ecopetrol (NYSE: EC ) from Underweight to Neutral amid valuation and output growth. Caio Carvalhal commented on Ecopetrol's "small premium to peers:" the stock currently trades at 9.2x his FY14 P/E estimate, notably above an 8x multiple
