Devon Energy price target lowered to $89 from $96 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Devon Energy to $89 from $96 and keeps an Overweight rating on the shares. The company’s Q4 results and the introduction of the fiscal 2023 outlook initially disappointed the market, the analyst tells investors in a research note. While the guidance heightened concerns of asset performance degradation and inventory depth, the company expects consistent performance from its core Delaware assets, says Piper.