Ecopetrol upgraded to Buy from Neutral at Citi

Citi upgraded Ecopetrol (EC) to Buy from Neutral with a price target of $14, up from $9. The share price has risen 34% from lows in mid-November, with the share price rise accelerating since January 26 as the market seems to be considering recent events as reinforcing the idea that Colombia could see a political swing in the 2026 presidential elections, the analyst tells investors. The firm sees considerable room for valuation rerating as equity investors appear to have taken recent political events as an early trigger to engage in the so-called “election trade,” though the firm notes that politics remain “a key concern” ahead of presidential elections due next year.