RBC Capital lowered the firm’s price target on Devon Energy (DVN) to $40 from $49 and keeps a Sector Perform rating on the shares. The firm is adjusting its model to reflect its lower oil price expectations but notes that the company plans to soon unveil a new initiative that sets “synergy” targets across several fronts that ultimately should improve its free cash flow and lower its cost structure, the analyst tells investors in a research note.
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