Morgan Stanley Maintains Equal-Weight on Devon Energy, Lowers Price Target to $48
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Devin McDermott has maintained an Equal-Weight rating on Devon Energy (NYSE:DVN) but reduced the price target from $50 to $48. This adjustment reflects a more conservative valuation of DVN's stock by Morgan Stanley.
November 29, 2023 | 3:15 pm
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Morgan Stanley has maintained its Equal-Weight rating on Devon Energy but lowered the price target from $50 to $48, indicating a slightly more cautious outlook on the stock's valuation.
The reduction in price target by a notable analyst like Morgan Stanley could lead to a short-term negative sentiment among investors. However, since the rating remains unchanged at Equal-Weight, the impact may be moderate, suggesting a neutral short-term price direction.
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IMPORTANCE 75
RELEVANCE 100