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Upgrade Alert for China Unicom Hong Kong (CHU)

By Amy Schwartz

China Unicom Hong Kong (NYSE:CHU) was upgraded from Neutral to Conviction Buy at Goldman Sachs today. The stock closed yesterday at $12.23 on volume of 1.6 million 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.

China Unicom Hong Kong share prices have moved between a 52-week high of $19.53 and a 52-week low of $9.89 and closed yesterday at 24% above that low price at $12.23 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

Potential upside of 40.3% exists for China Unicom Hong Kong, based on a current level of $12.23 and analysts' average 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 is tracking the current trend status for China Unicom Hong Kong and will alert subscribers who have CHU in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades china unicom hong kong

Ticker(s): CHU