Devon Energy price target raised to $66 from $51 at Wells Fargo

Wells Fargo raised the firm’s price target on Devon Energy (DVN) to $66 from $51 and keeps an Overweight rating on the shares. The firm expects an in-line Q1 operational print with modest free cash flow upside, though results are likely to be overshadowed by the pending merger. Focus remains on post-close pro forma guidance, oil price capture into Q2, and execution of the business improvement plan, Wells adds.