UBS upgraded Devon Energy (DVN) to Buy from Neutral with a price target of $46, up from $40. The firm sees an improving oil back drop in the second half of 2026 and the company’s $1B of debt reduction by mid-year as the key catalysts for the shares. Devon’s first half of 2026 updates should bring confidence in the company executing the $1B cost reduction strategy by the end of next year, the analyst tells investors in a research note.
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