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Downgrade Alert for China Unicom Hong Kong (CHU)

By James Quinn

China Unicom Hong Kong (NYSE:CHU) was downgraded from Buy to Hold at Jefferies today. The stock closed yesterday at $10.36 on volume of 279,000 shares, below average daily volume of 336,000.

There is potential upside of 65.6% for shares of China Unicom Hong Kong based on a current price of $10.36 and an average consensus analyst price target of $17.16. The stock should find initial resistance at its 50-day moving average (MA) of $12.30 and further resistance at its 200-day MA of $12.43.

China Unicom (Hong Kong) Limited, through its subsidiaries, provides telecommunications services in the People's Republic of China. The Company's services include cellular, paging, long distance, data, and Internet services.

Over the past year, China Unicom Hong Kong has traded in a range of $9.89 to $19.53 and closed yesterday at $10.36, 5% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of China Unicom Hong Kong on April 28th, 2016 by issuing a Downtrend alert when the shares were trading at $11.89. Since that call, shares of China Unicom Hong Kong have fallen 12.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades china unicom hong kong

Ticker(s): CHU