Devon Energy price target raised to $57 from $50 at Roth Capital

Roth Capital analyst Nick Pope raised the firm’s price target on Devon Energy (DVN) to $57 from $50 and keeps a Buy rating on the shares. The firm anticipates the completion of the merger with Cotera Energy (CTRA) by May 7th, and it is positive on the combined entity’s position in the Delaware Basin, where it will become the largest producer, the analyst tells investors in a research note. Devon’s valuation remains compelling as a merged company, the firm added.