Deutsche Bank Upgrades Petrochina (PTR) to Buy; Better Earnings to Come

Deutsche Bank upgraded Petrochina (NYSE: PTR) from Hold to Buy. PT raised from HKD10.86 to HKD12.03.

Analyst, David Hurd, said, "Profits at PetroChina's natural gas division have collapsed; refining losses 2011 outstripped all but those of 2008; chemicals saw a nasty reversal of fortune in 2011vs. 2010; and the price of oil has just shed US$ 15/ bbl. But we believe PTR's gas business is bottoming; refining should improve in 2012 and hopefully beyond; and chemicals look to be pricing in a dull global economy. We upgrade PTR in anticipation of better earnings to come."

For an analyst ratings summary and ratings history on Petrochina click here. For more ratings news on Petrochina click here.

Shares of Petrochina closed at $133.35 yesterday.

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