Deutsche Bank Downgrades China Netcom (CN) to Sell
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Deutsche Bank downgrades China Netcom (NYSE: CN) to Sell.
The firm said, "We are downgrading our recommendation on China Netcom to Sell in anticipation of a contraction in the company’s voice business, and in the belief that restructuring may be more gradual and less reinvigorating to its franchise than widely thought."
Analysts also commented that recent meetings with management indicate that the company’s net voice line lost in 2008 could reach 4.3 million lines verse the original forecast of 500,000. In addition, the recent CU merger could prove to be time consuming and value destructive.
China Netcom provides broadband and fixed-line communications services in China.
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