- In the wake of some "musical chairmen" today, Chinese telecoms that switched around leadership are off along with other U.S.-traded Chinese issues, though analysts are coming in with different takes on the outcome.
- Market leader China Mobile (NYSE:CHL) is 5.3% lower on the NYSE as Jefferies Group cuts its price target to $76.13. Shares had closed on Friday at $62.87 and are currently at $59.61, implying near 28% upside from today.
- China Telecom (NYSE:CHA) ADRs are similarly down 4.1%, to $55.95. Meanwhile, China Unicom (NYSE:CHU) is doing well in comparison, down just 2.4%, after Jefferies upgraded it to Buy, from Hold -- but with a lower price target.
- Jefferies cut its target on CHU to $18.32, from $19.40. Shares closed Friday at $14 and are currently at $13.67, implying a 34% upside remaining from today's prices.
- Jefferies had lowered its target on CHA to $71 on Friday. The firm maintains Buy ratings on all three of the Chinese telecoms.
- Previously: China confirms chairman changes at its big three telecoms (Aug. 24 2015)