Devon Energy initiated with a Neutral at UBS

UBS analyst Josh Silverstein initiated coverage of Devon Energy with a Neutral rating and $60 price target. Devon Energy is in a "show-me state" to start the year, and UBS sees limited upside with shares trading at a premium to peers, the analyst tells investors in a research note. The challenging operational start for 2023 volumes could limit near-term upside to FY23 production estimates, UBS says.