Citigroup raises Devon Energy's price target on output, M&A potential
** Brokerage Citigroup raises Devon Energy's DVN.N price target to $62 from $55, shares up marginally in premarket trading
** Says there is an upside to production and rising prospects of big M&A
** Says "DVN presents one of the more debated E&P stories in 2024 given the potential for an operational turnaround"
** "The market would respond positively to a DVN/MRO merger given the synergy potential and FCF accretion under a merger of equals/small premium scenario," Citigroup analysts say in a note
** The new price target represents a 13.7% upside to the stock's last close
** 20 of 30 brokerages rate the stock "buy" or higher and 10 "hold"; their median PT is $54
** Up to the last closing price, shares up 20.3% YTD
Reporting by Tanay Dhumal in Bengaluru
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