Time to Buy Devon Energy? This Top Wall Street Investment Bank Seems to Think So
Devon Energy (NYSE: DVN) has taken a beating over the past year. Shares of the oil company currently sit about 35% below their 52-week high. Higher costs and lower oil prices have weighed down the stock.
That sell-off looks like a good buying opportunity. At least that's what an analyst at venerable Wall Street investment bank Goldman Sachs thinks, leading them to upgrade the bank's rating on the oil stock to a buy. Here's a look at what fueled the upgrade and whether investors should buy into the thesis.
Goldman Sachs analyst Neil Mehta recently upgraded shares of Devon Energy from neutral to buy. Despite that upgrade, the analyst did trim their price target from $63 per share to $58. That still implies about 14% upside potential from the recent trading price.
Source Fool.com
