Devon Energy price target raised to $47 from $40 at Scotiabank

Scotiabank raised the firm’s price target on Devon Energy (DVN) to $47 from $40 and keeps an Outperform rating on the shares. The firm is updating its price targets for U.S. Integrated Oil, Refining, and Large Cap E&P stocks under its coverage, the analyst tells investors. While the firm’s latest forecast is above consensus, the revised estimates are “disappointing” compared to what industry margin indicators originally suggested.