UPDATE: Bank of America Resumes Coverage on Devon Energy Corp. with Buy Rating, $100 PT as Management Has Surpassed Expectations

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In a report published Wednesday, Bank of America analyst Doug Leggate resumed coverage on
Devon Energy Corp.DVN
with a Buy rating and $100.00 price target. In the report, Bank of America noted, “After several months with the stock under review, we resume coverage of Devon after a number of changes that have transformed the investment case by introducing a series of options that immediately reposition DVN as a competitive E&P within the large cap US oils. Versus our initial positive view in early 2013, management has surpassed our expectations: this starts with EnLink, providing a public marker for a previously overlooked midstream business, but with options to monetize retained interests at an accretive multiple. Critically, when adjusted for the value of its public holdings, we believe DVN stands on the lowest multiple in the sector.” Devon Energy Corp. closed on Tuesday at $74.45.
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Posted In: Analyst ColorInitiationAnalyst RatingsBank of AmericaDoug Leggate
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