Jefferies upgraded Devon Energy (DVN) to Buy from Hold with a price target of $62, up from $53. Pullbacks in the front of the oil curve create opportunity, and Devon has multiple catalysts for absolute and relative outperformance post-Coterra merger close, though attracting long-only capital requires clearer focus on durable core assets, the analyst tells investors in a research note. Divesting non-core, particularly the Marcellus, could eliminate debt and boost returns, the firm added.
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