** Brokerage William Blair initiates coverage on oil and gas producer Devon Energy DVN.N with a rating of "outperform" and a price target of $33.89

** The PT represents a downside of 3.6% to the stock's last close

** Brokerage says co is making quick work of reaching its year-end 2026 $1 billion annual free cash flow optimization plan

** Says the company has already achieved $400 million of the goal, and will reach the rest in the coming quarters

** "Devon may potentially acquire a large upstream company," brokerage says, adding that the company continues to engage in asset "blocking and tackling"

** 20 of 30 brokerages rate the stock "buy" or higher, 10 rate it "hold"; their median PT is $43

** Including session's moves, Devon up 7.% YTD

(Reporting by Pranav Mathur in Bengaluru)

((Pranav.Mathur@thomsonreuters.com;))