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<Research>JPM Upgrades CNOOC (00883.HK) to Overweight, Lifts TP to $23
Recommend 18 Positive 30 Negative 9 |
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The stock performance of CNOOC (00883.HK) A/H shares has lagged behind PETROCHINA (00857.HK) A/H shares by 13-22% YTD, JPMorgan said in a research report. The broker viewed OPEC's output increase as a signal of demand recovery and healthy global inventory levels, rather than internal chaos or a price war within OPEC. The broker revised up its EPS forecast for 2026-30 by an average of about 19%, and increased the target price for CNOOC H shares from HKD13.5 to HKD23, upgrading the stock from Underweight to Overweight. The broker also initiated coverage on CNOOC A shares (600938.SH) with an Overweight rating and a target price of RMB30. AASTOCKS Financial News Website: www.aastocks.com |
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