- Devon Energy's (DVN -0.4%) price target is raised to $86 from $77 at Canaccord, which believes DVN's merger of its midstream operation with Crosstex Energy generates many positives.
- The merger increases the scale and scope of DVN's midstream business, fosters added growth opportunities and enhances the new entity's finances, which should keep DVN's midstream valuation robust, the firm says; it also highlights how undervalued its E&P business is, something the firm thinks can change for a variety of reasons.