Devon Energy price target lowered to $52 from $80 at Evercore ISI

Evercore ISI analyst Stephen Richardson lowered the firm’s price target on Devon Energy to $52 from $80 and keeps an In Line rating on the shares. The firm, which said it continues to view the traditional NAV as "offering a fair approach to how we can think about fundamental value for E&Ps," adjusted its price target following "a careful scrub of our NAV models" to adjust for existing costs, actual well performance, and updated future inventory disclosure. A recurring question from investors is if the underperformance of the stock has created a more interesting entry point, but the firm contends that the company’s year-end update did not suggest well performance or cost trends are "improving imminently."