UPDATE: J.P. Morgan Downgrades Devon Energy Corp. to Neutral, Raises PT on Skepticism About Changes

In a report published Thursday, J.P. Morgan analyst Joseph Allman downgraded the rating on

from Overweight to Neutral, but raised the price target from $61.50 to $62.50. In the report, J.P. Morgan noted, “We are downgrading DVN to Neutral from Overweight. Although we expect to hear DVN's decision regarding its midstream MLP by the end of 2Q13 and other potential strategic changes by YE13, we are skeptical that any changes DVN makes would be enough to cause mid- to long-term stock outperformance. We updated our estimates and NAV for the 10-K, 1Q13 earnings, the latest operations data and guidance, and marked-to-market commodity pricing.” Devon Energy Corp. closed on Wednesday at $59.15.