Zacks Investment Research Upgrades China Telecom Corp Ltd (NYSE:CHA) to Buy

China Telecom Corp Ltd (NYSE:CHA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, June 27th. The firm currently has a $54.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.04% 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. “

Separately, BidaskClub lowered China Telecom Corp from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. One analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. China Telecom Corp has an average rating of “Buy” and a consensus target price of $54.00.

Shares of China Telecom Corp (NYSE:CHA) opened at 47.77 on Tuesday. China Telecom Corp has a 12-month low of $45.58 and a 12-month high of $53.87. The firm’s 50-day moving average price is $48.95 and its 200 day moving average price is $48.27. The company has a market cap of $38.66 billion, a price-to-earnings ratio of 14.48 and a beta of 0.66.

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Several institutional investors have recently made changes to their positions in CHA. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of China Telecom Corp during the fourth quarter valued at $142,000. Goldman Sachs Group Inc. acquired a new position in shares of China Telecom Corp during the first quarter valued at $244,000. US Bancorp DE raised its position in shares of China Telecom Corp by 1,443.8% in the first quarter. US Bancorp DE now owns 6,731 shares of the utilities provider’s stock valued at $328,000 after buying an additional 6,295 shares in the last quarter. Bank of Montreal Can raised its position in shares of China Telecom Corp by 1.5% in the first quarter. Bank of Montreal Can now owns 7,545 shares of the utilities provider’s stock valued at $367,000 after buying an additional 108 shares in the last quarter. Finally, Comerica Bank raised its position in shares of China Telecom Corp by 12.6% in the fourth quarter. Comerica Bank now owns 7,852 shares of the utilities provider’s stock valued at $379,000 after buying an additional 877 shares in the last quarter. Hedge funds and other institutional investors own 0.43% of the company’s stock.

China Telecom Corp Company Profile

China Telecom Corporation Limited is an investment holding company principally engaged in telecommunications and related businesses. The Company operates through seven businesses. Wireline Voice Services include local and long distance wireline services. Mobile Voice Services include local calls, domestic and international long distance calls and roaming services.

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Analyst Recommendations for China Telecom Corp (NYSE:CHA)

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