Jefferies Upgrades Devon Energy to Buy, Citing Merger Synergies and Valuation
Jefferies upgraded Devon Energy to 'buy' from 'hold' and raised its price target to $62 from $53, citing the closing of its merger with Coterra and potential synergies. The firm believes Devon is undervalued with a forward P/E of 8.28, significantly lower than the S&P 500. The stock has gained 24% year-to-date.
Topics: analyst report merger oil and gas price target stock upgrade