UPDATE: Morgan Stanley Initiates Devon Energy at Equal-weight on Gas Exposure
November 20, 2012 at 13:58 PM EST
Morgan Stanley initiated coverage on Devon Energy (NYSE: DVN ) with an Equal-weight rating and a $55 price target. Morgan Stanley noted, "Operational setbacks have significantly hurt DVN's 2013 growth outlook, and we believe its large exposure to weaker pricing for gas, NGLs, and heavy oil will challenge the