The China Telecom Corp. (CHA) Upgraded by Zacks Investment Research to “Buy”

The China Telecom Corp. (CHA) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of China Telecom Corp. (NYSE:CHA) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $59.00 price target on the stock.

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. “

A number of other analysts have also recently issued reports on CHA. Citigroup Inc. cut shares of China Telecom Corp. from a buy rating to a neutral rating in a research note on Wednesday, June 15th. Bank of America Corp. assumed coverage on shares of China Telecom Corp. in a research note on Monday, August 15th. They issued a top pick rating for the company. They noted that the move was a valuation call.

China Telecom Corp. (NYSE:CHA) traded down 0.95% during trading on Tuesday, reaching $51.30. 2,979 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $51.33 and its 200-day moving average price is $49.44. The stock has a market capitalization of $41.52 billion, a price-to-earnings ratio of 13.50 and a beta of 0.67. China Telecom Corp. has a 52 week low of $42.23 and a 52 week high of $55.85.

A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA acquired a new stake in China Telecom Corp. during the third quarter worth about $136,000. Barclays PLC acquired a new stake in China Telecom Corp. during the second quarter worth about $212,000. Americafirst Capital Management LLC acquired a new stake in China Telecom Corp. during the second quarter worth about $219,000. Stevens Capital Management LP boosted its stake 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 worth $251,000 after buying an additional 959 shares during the period. Finally, Private Bank & Trust Co. boosted 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 worth $261,000 after buying an additional 1,257 shares during the period. Hedge funds and other institutional investors 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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