Goldman Sachs Upgrades Devon Energy (DVN) to Buy

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.

---

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

---

You May Also Be Interested In

• Northland Upgrades Astera Labs (ALAB) to Outperform, 'Right Time, Customers, and Products'
• JPMorgan Upgrades Hyundai Marine and Fire Insurance (001450:KS) to Neutral
• Devon Energy approves 25% stake in Solitude natural gas pipeline