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<Research>G Sachs Upgrades ICBC/ ABC/ BOC/ CMB w/ Higher TPs
Recommend 13 Positive 28 Negative 9 |
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Goldman Sachs released a report stating that it expected the Chinese government's fiscal deficit to increase this year to support GDP growth. The broker believed that Chinese banks remained undervalued, and that the market's key focus was whether the industry was at a turning point. If relevant policies are implemented, Chinese banks may be re-rated due to sufficient capital, orderly growth, reduced losses, and sustained dividends. Goldman Sachs lifted its target prices for major Chinese banks it covered across the board. It upgraded CM BANK (03968.HK) from Neutral to Buy, raising the H-share target price from $36.83 to $47.36. It upgraded ABC (01288.HK) and ICBC (01398.HK) from Sell to Neutral, raising ABC's H-share target price from $3.12 to $4.77 and ICBC's H-share target price from $3.96 to $5.62. It also upgraded BANK OF CHINA (03988.HK) from Neutral to Buy, raising the H-share target price from $3.57 to $4.91. AAStocks Financial News |
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