S&P Equity Research Downgrades China Petroleum & Chemical (SNP) to Sell
More News related to SNP
- David Moenning's Daily State of the Markets: 12/01
- Notable Analyst Rating Changes 12/01: PRU, TOL, DO, WLP Upgraded; SNP, LTD, COG, ADM Downgraded
- Goldman Sachs Downgrade China Petroleum & Chemical Corp. (SNP) to Neutral
- UBS Upgrades Sinopec (SNP) to Buy
- China Petroleum & Chemical Corporation Announcement: Third Quarterly Report for the Year 2008
More News related to Downgrades
- Wedbush Downgrades Energy Conversion Devices (ENER) to Hold; Cuts PT to $24
- B. Riley Downgrades Hot Topic (HOTT) to Neutral
- Sidoti Downgrades Movado (MOV) to Neutral
- Sidoti Downgrades Churchill Downs (CHDN) to Neutral
- Sidoti Downgrades The Pantry (PTRY) to Neutral
S&P Equity Research downgrades China Petroleum & Chemical (NYSE: SNP) from Hold to Sell.
S&P analyst, L. Tan, says, "Since SNP's April 22 announcement confirming that it had attained a tax rebate from the government of the People's Republic of China, shares have risen more than 16% to a level that we think fully reflects the positive fundamental impact of the news. We believe that, at the current stock price, upside is limited and earnings risk remains, as oil prices are still at high levels. To reflect the uptick in risk appetite, we are raising our 12-month target price to $108 from $96, based on 15.5X our $7.05 '09 earnings per ADS estimate."
China Petroleum & Chemical Corporation (Sinopec Corp.) is an energy and chemical company, which through its subsidiaries, engages in integrated oil and gas, and chemical operations in the People’s Republic of China. [SM]
Related Categories
DowngradesStocks Mentioned
-4.14Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
