The Fly

Devon Energy price target raised to $77 from $62 at Citi

Citi analyst Scott Gruber raised the firm’s price target on Devon Energy to $77 from $62 and keeps a Buy rating on the shares. While oil has slid, the exploration and production companies have "bounced modestly, leading to material 2023 multiple expansion and yield compression," Gruber tells investors in a research note. Thus, the analyst maintains a selective stance, preferring names with "differentiated narratives." He updated his large-cap E&P models for recent changes to Citi’s commodity price deck and other modeling tweaks.

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