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<Research>JPM Raises CNOOC (00883.HK) TP to $31, Upgrades Rating to Overweight
Recommend 7 Positive 10 Negative 4 |
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If oil prices rise to US$80 per barrel in the long term, it will provide significant upside room for major oil companies, JPMorgan published a research report saying. The further escalation of Middle Eastern conflicts over the weekend may result in short-term oil prices exceeding US$100 per barrel. Among the Asian energy companies covered by the broker, CNOOC (00883.HK) is most sensitive to oil price trends due to its 70% oil production structure. JPMorgan raised its 2026/ 2027 EPS forecasts for CNOOC by 41%/ 19% to reflect higher oil price predictions. Therefore, the broker raised tis target price accordingly from $23 to $31, and upgraded CNOOC from Neutral to Overweight. Furthermore, JPMorgan lifted its target price for CNOOC's A-shares from RMB30 to RMB47, and upgraded rating from Neutral to Overweight. AASTOCKS Financial News Website: www.aastocks.com |
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