Jefferies Lifts Target on Devon Energy (DVN) to $92 After Q4

Jefferies boosted its price target on Buy-rated Devon Energy (NYSE: DVN) from $88 to $92 following Q4 results, but trimmed estimates.

The firm comments, "DVN is attractive as a liquids-focused company trading at a substantial (13%) discount to our 'proved-only' valuation. Main investor pushback has been lack of catalysts, but this perception could be shattered through well results from a myriad of developing plays as well as the unveiling of a new stealth oil play. Maintain Buy."

Q1 EPS estimate was cut from $1.41 to $1.31 and FY from $6.30 to $5.85

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 $71.70 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Cummins (CMI) PT Lowered to $675 at Jefferies
• Jefferies Downgrades IDP Education (IEL:AU) (IDPUF) to Hold
• Deere (DE) PT Lowered to $728 at UBS as Agricultural Machinery Cycle Gets Closer