China Telecom Corp. (CHA) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of China Telecom Corp. (NYSE:CHA) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. They currently have $59.00 target price on the stock.
According to Zacks, “China Telecom Corporation is a state-owned telecommunications company in China. They operate local telephone networks in ten provinces in China. They operate domestic and international fixed-line networks and infrastructure including wireless local loop, as well as telecom network-based voice, data, video, multimedia and information services. They are also engaged in international telecom service settlement and expand into overseas markets. “
CHA has been the subject of several other reports. Bank of America Corp. initiated coverage on China Telecom Corp. in a research note on Monday, August 15th. They set a top pick rating for the company. They noted that the move was a valuation call. Citigroup Inc. downgraded China Telecom Corp. from a buy rating to a neutral rating in a research note on Wednesday, June 15th.
Shares of China Telecom Corp. (NYSE:CHA) opened at 52.46 on Tuesday. The stock has a market capitalization of $42.46 billion, a price-to-earnings ratio of 13.81 and a beta of 0.67. China Telecom Corp. has a 52 week low of $42.23 and a 52 week high of $55.85. The stock’s 50 day moving average is $51.28 and its 200-day moving average is $49.48.
A number of hedge funds and other institutional investors have recently bought and sold shares of CHA. BNP Paribas Arbitrage SA purchased a new position in China Telecom Corp. during the third quarter valued at approximately $136,000. Barclays PLC purchased a new position in China Telecom Corp. during the second quarter valued at approximately $212,000. Americafirst Capital Management LLC purchased a new position in China Telecom Corp. during the second quarter valued at approximately $219,000. Stevens Capital Management LP increased its position in China Telecom Corp. by 20.7% in the second quarter. Stevens Capital Management LP now owns 5,587 shares of the company’s stock valued at $251,000 after buying an additional 959 shares in the last quarter. Finally, Private Bank & Trust Co. increased its position in China Telecom Corp. by 27.6% in the second quarter. Private Bank & Trust Co. now owns 5,807 shares of the company’s stock valued at $261,000 after buying an additional 1,257 shares in the last quarter. 0.54% of the stock is owned by hedge funds and other institutional investors.
China Telecom Corp. Company Profile
China Telecom Corporation Limited is an integrated information service provider in the People’s Republic of China (PRC). The Company offers a range of telecommunications services, including wireline voice services, mobile voice services, Internet access services, value-added services, integrated information application services, telecommunications network resource services and lease of network equipment and other related services.
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