JPMorgan analyst Rodolfo Angele upgraded Ecopetrol (EC) to Overweight from Neutral with a price target of $24, up from $20. The analyst has a more optimistic view on the company's ability to add reserves and notes that the shares have historically been penalized for low reserve life. Further, Angele has a more positive view on Ecopetrol's production in Colombia and he points out that JPMorgan is now more bullish on oil prices. Ecopetrol is best positioned in Latin America Oil & Gas to benefit from higher prices, Angele tells investors in a research note. Petrobras (PBR) remains the analyst's favorite name in the sector. He boosted his price target for those shares to $21 from $20.