Wells Fargo Downgrades Devon Energy (DVN) to Market Perform; Lacks A Niche

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Wells Fargo downgraded Devon Energy (NYSE: DVN) from Outperform to Market Perform, price target range $65-71 from $74-80.

Analyst, David Tameron, said, "While Devon has some potential positive catalysts, we still think DVN currently lacks a niche within the large cap space, and believe shares will have a hard time outperforming in the next few quarters...In addition, 2012/2013 EPS estimates are revised to $4.33/$6.61 from $4.41/$7.58."

For an analyst ratings summary and ratings history on Devon Energy click here. For more ratings news on Devon Energy click here.

Shares of Devon Energy closed at $62.89 yesterday, with a 52 week range of $50.74-$84.78.

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