BofA Lifts Devon Energy (DVN) PT to $46, Favoring Its Resilient Portfolio

Devon Energy Corporation (NYSE:DVN) is one of the best large cap value stocks to buy in 2026. On January 16, Bank of America raised its price target on Devon Energy to $46 from $45 while maintaining a Buy rating. Heading into 2026, the firm maintains a cautious stance on the broader oil market. BofA is prioritizing companies with resilient portfolios and low breakeven points.

However, Scotiabank downgraded Devon Energy to Sector Perform from Sector Outperform, while lowering the price target to $41 from $47. This adjustment followed a year in which Devon was the top-performing stock within the firm’s E&P coverage for 2025.

BofA Lifts Devon Energy (DVN) PT to $46, Favoring Its Resilient Portfolio

Due to that significant price appreciation, the company’s valuation shifted to the middle of the range when compared to other second-tier E&P firms. While Scotiabank anticipated continued progress from Devon’s internal self-help initiatives, the firm believes the majority of the positive catalysts had already been realized and were reflected in the stock’s 2025 outperformance.

A day before that, Scotiabank analyst Paul Cheng downgraded Devon Energy Corporation (NYSE:DVN) to Sector Perform from Outperform, setting a $41 price target.

Devon Energy Corporation (NYSE:DVN) is an independent energy company that explores, develops, and produces oil, natural gas, and natural gas liquids in the US.

While we acknowledge the potential of DVN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DVN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.