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<Research>JPM Upgrades CNOOC's Rating to Overweight, Raises TPs for 3 Major CN Oils
Recommend 9 Positive 13 Negative 17 |
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With international oil prices having surpassed USD100 per barrel, JPMorgan said in its report on China's oil industry that it prefers upstream companies over refiners, as it expects Chinese government price controls to take effect. JPMorgan has adjusted the forward curve according to the market and raised the target price for PETROCHINA (00857.HK) from HKD10 to HKD13, reflecting its model assumptions for oil prices: USD80/ USD70/ USD65 per barrel in 2026/ 2027/ 2028. If long-term oil prices rise to USD80 per barrel, oil giants are expected to have significantly more upside potential. With the escalation of Middle Eastern conflicts over the weekend, short-term oil prices have already exceeded USD100 per barrel. For investors looking to trade oil price volatility (rather than just holding cash waiting for buying opportunities), companies historically positively correlated with oil prices include CNOOC (00883.HK). JPMorgan has upgraded CNOOC's rating from Neutral to Overweight and lifted its target price from HKD23 to HKD31, while maintaining a Neutral rating for Sinopec and increasing its H-share target price from HKD4 to HKD5.5. AAStocks Financial News |
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