Nomura Upgrades China Telecom Corp. (CHA) to “Buy”
China Telecom Corp. (NYSE:CHA) was upgraded by Nomura from a “neutral” rating to a “buy” rating in a report issued on Wednesday, The Fly reports.
CHA has been the topic of several other reports. Zacks Investment Research cut shares of China Telecom Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, October 12th. Morgan Stanley upgraded shares of China Telecom Corp. from an “equal weight” rating to an “overweight” rating in a research report on Friday, November 11th. Bank of America Corp. assumed coverage on shares of China Telecom Corp. in a research report on Monday, August 15th. They issued a “top pick” rating on the stock. They noted that the move was a valuation call. Finally, Sanford C. Bernstein upgraded shares of China Telecom Corp. from a “market perform” rating to an “outperform” rating in a research report on Wednesday, November 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $59.00.
China Telecom Corp. (NYSE:CHA) traded up 4.07% during midday trading on Wednesday, hitting $48.87. 80,072 shares of the company traded hands. The company has a market cap of $39.55 billion, a PE ratio of 13.57 and a beta of 0.79. The stock has a 50 day moving average price of $50.50 and a 200-day moving average price of $49.20. China Telecom Corp. has a 12-month low of $42.23 and a 12-month high of $55.85.
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Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in China Telecom Corp. by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 15,152 shares of the company’s stock valued at $796,000 after buying an additional 98 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in China Telecom Corp. by 6.3% in the first quarter. Envestnet Asset Management Inc. now owns 22,329 shares of the company’s stock valued at $1,172,000 after buying an additional 1,315 shares during the last quarter. Private Bank & Trust Co. increased its stake 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 during the last quarter. Americafirst Capital Management LLC bought a new stake in China Telecom Corp. during the second quarter valued at about $219,000. Finally, Bank of Montreal Can bought a new stake in China Telecom Corp. during the second quarter valued at about $492,000. Hedge funds and other institutional investors own 0.54% of the company’s stock.
About China Telecom Corp.
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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