[ET Net News Agency, 27 February 2020] Daiwa Research lowered its target price for
CNOOC (00883) to HK$11.8 from HK$14.3 and downgraded its rating to "hold" from
"outperform".
The research house said oil prices have fallen by 20% from their peak in early January
to US$55/bbl on escalating COVID-19 fears. Prolonged disruption to oil demand is becoming
more likely as COVID-19 spreads from Asia to Europe, the Middle East, and Africa.
Daiwa anticipates a prolonged slowdown in economic activity to lead to weak oil prices
amid these renewed concerns. It believes oil prices are likely to see a further downside
if the virus spreads further in North America. (KL)
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00883 CNOOC
Nominal 
18.620 +0.220 (+1.196%) Others
27/02/2020 11:19
{I-bank focus}Daiwa downgrades CNOOC (00883) to HK$11.8
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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