[ET Net News Agency, 22 February 2018] Morgan Stanley lifted its target price for
PetroChina (00857) to HK$6.36 from HK$6.12, and upgraded its rating to "overweight" from
"equal-weight" .
After a 15% correction from the high of late January, the research house thinks the
market has become more realistic regarding 4Q 2017 results and the dividend. The gas
summer discount has also been partially reflected. The risk-reward is now more favorable.
Thanks to the power of backwardation and further tightness of inventories, Morgan
expects the Brent oil price to reach US$75 on average in 3Q 2018. Given the Brent price is
at US$65/bbl, this implies 15% upside potential.
With a higher oil price, it believes PetroChina's share performance will also react
positively from now to 3Q. (KL)
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00857 PETROCHINA
Nominal 
6.330 -0.040 (-0.628%) Others
22/02/2018 14:47
[I-bank focus]Morgan upgrades PetroChina (00857) to HK$6.36
| Remark: | Real time quote last updated: 26/09/2024 11:04 |
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