Devon Energy upgraded to Strong Buy from Outperform at Raymond James

Raymond James upgraded Devon Energy (DVN) to Strong Buy from Outperform with a price target of $72, up from $62. With the Coterra Energy merger closing, Devon has “multiple options” to close its valuation gap to peers, the analyst tells investors in a research note. Raymond James is confident the company will be successful in portfolio optimization. Devon is “playing from a position of strength with plenty of levers at their disposal,” contends the firm.