Analyst PT cluster $50-72 Strong Buy / Zacks revisions / Mizuho top pick
Key Questions
What is the current analyst consensus and average price target for the stock?
There are 22 Buy ratings with an average price target of $57.85. Consensus remains bullish overall despite some caution from Zacks and RBC Hold ratings.
What recent analyst actions have occurred for Devon Energy?
Wells Fargo initiated a Buy rating with a $68 target, Goldman Sachs started coverage with a Buy and $54 target, and Mizuho raised its target to $68. Other moves include Raymond James trimming to $66 and Morgan Stanley to $63.
Why does Zacks add caution to the bullish outlook?
Zacks downgraded the stock to Hold #3 and issued downward EPS revisions. This contrasts with the majority Strong Buy ratings and multiple upward target adjustments from firms like Truist and Evercore ISI.
22 Buy ratings, average PT $57.85. Key updates: Raymond James trimmed PT to $66 (Strong Buy). Goldman Sachs initiated Buy with $54 target (Neil Mehta citing Coterra synergies, 15% FCF yield). Morgan Stanley trimmed to $63 (Overweight). Wells Fargo initiated Buy with $68 target. Mizuho named DVN as top pick with $68 target, highlighting Coterra synergies, cheap valuation, and LNG exposure. Zacks downgraded to Hold #3 with downward EPS revisions. JPMorgan reinstated Overweight $62. Evercore ISI upgraded to Outperform $54. Truist raised to $66. Mizuho raised to $68. Consensus remains bullish, but Zacks and RBC Hold add caution.