Raymond James lowered its price target on Devon Energy Corporation from $72 to $66 while maintaining a Strong Buy rating. The firm cited investor focus on Devon's upcoming portfolio rationalization as the next major catalyst to help close the stock's valuation gap relative to peers. Devon recently completed its $58 billion merger with Coterra Energy, creating one of the largest independent U.S. oil and gas producers with a strong Permian Basin presence. The company expects to capture $600 million in synergies in 2027 and remains confident in delivering $1 billion of annual pretax synergies on a run-rate basis by year-end 2027.
Devon Energy CorporationRaymond James maintains Strong Buy rating and highlights upcoming portfolio rationalization as catalyst to close valuation gap, despite lowering price target.