Piper Sandler analyst Mark Lear raised the firm’s price target on Devon Energy (DVN) to $67 from $59 and keeps an Overweight rating on the shares. Piper cites its increased price deck for the target bump. The firm increased its mid-cycle crude price forecast to $75 per barrel from $70 amid the Iran war. The analyst expects lasting supply impacts. Higher prices are required to incentivize investment in production, the analyst tells investors in a research note.
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