China Telecom Corp. (CHA) Upgraded at Zacks Investment Research
China Telecom Corp. (NYSE:CHA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $59.00 price target on the stock. Zacks Investment Research’s price target would indicate a potential upside of 13.92% from the stock’s previous close.
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. “
Several other equities analysts also recently weighed in on CHA. Citigroup Inc. downgraded China Telecom Corp. from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 15th. Bank of America Corp. assumed coverage on China Telecom Corp. in a research report on Monday, August 15th. They set a “top pick” rating on the stock. They noted that the move was a valuation call.
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Shares of China Telecom Corp. (NYSE:CHA) traded down 1.22% during midday trading on Tuesday, reaching $51.79. The company had a trading volume of 17,530 shares. The firm has a market capitalization of $41.91 billion, a price-to-earnings ratio of 13.63 and a beta of 0.67. The stock has a 50-day moving average of $51.39 and a 200 day moving average of $49.42. China Telecom Corp. has a 52 week low of $42.23 and a 52 week high of $55.85.
Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of 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. BlackRock Inc. increased its position in shares of China Telecom Corp. by 3.7% in the first quarter. BlackRock Inc. now owns 11,292 shares of the company’s stock valued at $593,000 after buying an additional 404 shares during the last quarter. World Asset Management Inc increased its position in shares of China Telecom Corp. by 8.3% in the second quarter. World Asset Management Inc now owns 8,587 shares of the company’s stock valued at $386,000 after buying an additional 660 shares during the last quarter. State Street Corp increased its position in shares of China Telecom Corp. by 5.8% in the second quarter. State Street Corp now owns 12,328 shares of the company’s stock valued at $555,000 after buying an additional 677 shares during the last quarter. Finally, Stevens Capital Management LP increased its position in shares of 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 during the last quarter. Institutional investors and hedge funds own 0.54% of the company’s stock.
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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