China Telecom Corp. (CHA) Upgraded to Buy by Zacks Investment Research
China Telecom Corp. (NYSE:CHA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $59.00 target price on the stock. Zacks Investment Research’s price objective suggests 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. “
CHA has been the topic of several other reports. Citigroup Inc. lowered shares of China Telecom Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 15th. Bank of America Corp. assumed coverage on shares of China Telecom Corp. in a 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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China Telecom Corp. (NYSE:CHA) traded down 1.22% on Tuesday, reaching $51.79. 17,530 shares of the company’s stock traded hands. 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. The firm has a market capitalization of $41.91 billion, a P/E ratio of 13.63 and a beta of 0.67.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA bought a new position in shares of China Telecom Corp. during the third quarter valued at $136,000. Barclays PLC acquired a new position in China Telecom Corp. during the second quarter valued at approximately $212,000. Americafirst Capital Management LLC acquired a new position in China Telecom Corp. during the second quarter valued at approximately $219,000. Stevens Capital Management LP raised 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 during the last quarter. Finally, Private Bank & Trust Co. raised 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 during the last quarter. Institutional investors and hedge funds 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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