J.P. Morgan Updates Devon Energy Model For 10-K

According to J.P. Morgan, Devon Energy (NYSE: DVN) model is updated for 10-K.

J.P. Morgan reported that it is updating our NAV and price target based on YE10 proved reserves. “Further, we are adjusting our earnings and cash flow estimates based on marked-to-market 1Q11 commodity prices and the data from the 10-K. We are raising our price target to $94.50 from $94 based on our calculated NAV of $94.36/share. Our model changes include YE10 proved reserves and updates on development assumptions for potential plays. Remain OW.”

Devon Energy closed on Friday at $92.00.