Devon Energy initiated with a Buy at Truist

Truist initiated coverage of Devon Energy (DVN) with a Buy rating and $63 price target. Activistt pressure on asset rationalization and S-4 findings suggest that while unlikely, there could be more to come prior to the Coterra (CTRA) deal close in Q2, the analyst tells investors in a research note. The firm added that, for now, its model assumes the Coterra deal closes as planned, leaving a discounted valuation that can narrow upon successful integration.