UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Devon Energy Corporation

In a report published Friday, Jefferies & Company reiterated its Buy rating on Devon Energy Corporation

, but lowered its price target from $76.00 to $71.00. Jefferies noted, “Devon continues to look attractive on P1 value and remain Buy rated for that reason. However, patience is needed. For the valuation gap to close, at least one asset has to emerge as a key growth driver. In DVN's portfolio, one would have to bet on the Cline shale, but it is still a work in progress.” Devon Energy Corporation closed on Thursday at $54.19.