Morgan Stanley Upgrades China Telecom Corp. (CHA) to “Overweight”
China Telecom Corp. (NYSE:CHA) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Friday.
Several other brokerages have also issued reports on CHA. Zacks Investment Research upgraded shares of China Telecom Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 2nd. 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 analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $59.00.
China Telecom Corp. (NYSE:CHA) opened at 47.63 on Friday. The company has a market capitalization of $38.55 billion, a P/E ratio of 12.87 and a beta of 0.79. China Telecom Corp. has a one year low of $42.23 and a one year high of $55.85. The company’s 50-day moving average is $51.63 and its 200 day moving average is $49.28.
Several institutional investors have recently bought and sold shares of CHA. BlackRock Inc. increased its position in 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 in the last quarter. JPMorgan Chase & Co. increased its position 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 in the last quarter. Envestnet Asset Management Inc. increased its position 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 in the last quarter. 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. Finally, Americafirst Capital Management LLC acquired a new position in China Telecom Corp. during the second quarter valued at $219,000. 0.54% of the stock is currently owned by hedge funds and other institutional investors.
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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