Deutsche Bank Downgrades China Telecom (CHA) to Sell
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Deutsche Bank downgrades China Telecom Corp. Ltd. (NYSE: CHA) from Hold to Sell.
Commenting on the China Telecom downgrade, the firm said, "As our modeling in our broader family of reports today suggests, we have confidence that China Telecom will make good use of its existing distribution presence, and dominance in the corporate and residential segments, to grow CDMA market share. Subsidies, however, are likely to pull 09 profit down 68% YoY."
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