Devon Energy price target raised to $65 from $60 at Citi

Citi raised the firm’s price target on Devon Energy (DVN) to $65 from $60 and keeps a Buy rating on the shares. Despite the recent rally in the exploration and production sector, Citi still sees a “disconnect” between the oil levered companies and medium-term crude prices. The firm tells investors to focus on shares that “offer good value and compelling narratives.” It upgraded both California Resources and California Resources to reflect their exposure to higher oil prices in 2027. Devon remains Citi’s top pick in the group.