Ecopetrol price target lowered to $9 from $11 at Citi

Citi lowered the firm’s price target on Ecopetrol (EC) to $9 from $11 and keeps a Neutral rating on the shares. The firm says the company has become a “consensus short” since the CrownRock deal was rejected on increased concerns about its politicization, the analyst tells investors in a research note. It believes Ecopetrol’s corporate governance has deteriorated further following the official exit of two members of the board. “In addition, more alleged corruption events at different subsidiaries hit the media, adds Citi.