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Upgrade Alert for China Unicom Hong Kong (CHU)

By James Quinn

China Unicom Hong Kong (NYSE:CHU) was upgraded from Market Perform to Outperform at Bernstein today. The stock closed yesterday at $11.68 on volume of 832,000 shares, above average daily volume of 336,000.

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.

In the past 52 weeks, China Unicom Hong Kong share prices have been bracketed by a low of $9.89 and a high of $19.53 and closed yesterday at $11.68, 18% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

China Unicom Hong Kong (NYSE:CHU) has potential upside of 46.9% based on a current price of $11.68 and analysts' consensus price target of $17.16. China Unicom Hong Kong shares should first meet resistance at the 50-day moving average (MA) of $12.30 and find additional resistance at the 200-day MA of $12.43.

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 7.6%. 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