It was reported on TD Ameritrade's website at 1:37 pm on Thursday, Feb. 14th, as follows:
NEWS UPDATE: Bank of America Upgrades Devon Energy to BUY on Relative Valuation Disconnect.
Bank of America noted, "Devon was one of the worst performing stocks of the large cap US oils in 2012. But when examing the makeup of the portfolio, we believe the value disconnect between "like" companies has left the shares trading at levels where management has lost patience and will consider several possibilities to release value. In our view a potential MLP of its midstream business is back on the table while an outright separation of oil sands can't be ruled out. Add the first of its exploration plays to transition development in the Mississsippi Lime, and we believe the balance of risk that led us to upgrade DVN as a recovery play for 2013 are in place."
Curious timing from Bank of America. The stock languished around $52 for a month and a half then shoots up to $62 and becomes overbought. Then BAC decides there is a "relative valuation disconnect" and issues an upgrade a week before earnings.