Goldman Sachs Upgrades Devon Energy (DVN) to Buy

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Goldman Sachs upgraded Devon Energy (NYSE: DVN) to Buy with a price target of $91 (up from $81), suggesting 25% upside.

The firm notes Devon Energy has underperformed its E&P peers over a multi-year period on growth/spending concerns and more recently on investor skepticism on resource/asset quality. Goldman comments, "DVN is very actively testing new exploration plays in the United States/Canada and we believe success can lead to a re-rating of the stock as investors reevaluate resource/ longer-term growth potential."

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 $73.73 yesterday, with a 52 week range of $50.74-$93.56.

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