Deutsche Bank Upgrades China Netcom Group (CN) to Hold
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Deutsche Bank upgrades China Netcom Group (NYSE: CN) from Sell to Hold.
The firm said, "China Netcom's share price has fallen 23% since resuming trade on June 2, verse the 2% decline in the HSI over the same period. We retain our concerns over further contraction in the company's voice business, and that restructuring may be more gradual and less reinvigorating to its franchise than widely thought. However, we believe the shares are now trading at close to fair value."
China Netcom Group Corporation (Hong Kong) Limited, together with its subsidiaries, provides broadband and fixed-line communications services in China.
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