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Morgan Stanley has issued a report downgrading Devon Energy
DVN to an Equal-Weight Rating.
According to Morgan Stanley, “E&Ps have outperformed the market by ~10% YTD and we would use recent strength in the commodity to become more selective. We are downgrading Devon Energy to Equal-weight from Overweight as i) relative performance has been strong with DVN outperforming its large-cap peers by ~8% YTD and ii) we no longer see upside to Street expectations and estimates.”
DVN closed at $92.76 yesterday.
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Posted In: Analyst ColorDowngradesAnalyst Ratingsdevon energyEnergyMorgan StanleyOil & Gas Exploration & Production
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