Stifel analyst Derrick Whitfield raised the firm’s price target on Devon Energy to $77 from $71 and keeps a Buy rating on the shares. Ahead of Q2 earnings, Stifel is updating its commodity estimates to reflect strip prices through 2025, maintaining its long-term WTI and HH prices, and revising its forecasts, the analyst tells investors. Further, the firm expects weaker earnings from upstream stocks, improving outlooks for the upstream and biofuels sectors, and broader macro conditions to support the energy sector’s outperformance after Q2.
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