[ET Net News Agency, 7 January 2020] Morgan Stanley raised its target price for CNOOC
(00883) to HK$16.55 from HK$16.28 and maintained its "overweight" rating.
Despite rising concerns on CNOOC's potential capex overrun in the next few years, the
research house believes the inflection point will only arrive if CNOOC starts to
experience faster-than-expected cost inflation.
If the company can continue to maintain good cost control but deliver higher production
growth in 2020, Morgan sees the stock continuing to outperform. (KL)