China Telecom Corp Ltd (NYSE:CHA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “China Telecom Corporation is a state-owned telecommunications company in China. They operate local telephone networks in ten provinces in China. They operate domestic and international fixed-line networks and infrastructure including wireless local loop, as well as telecom network-based voice, data, video, multimedia and information services. They are also engaged in international telecom service settlement and expand into overseas markets. “

Several other research firms also recently commented on CHA. BidaskClub raised China Telecom Corp from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Bank of America Corporation initiated coverage on China Telecom Corp in a report on Wednesday, August 30th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. China Telecom Corp has a consensus rating of “Buy” and an average price target of $55.00.

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Institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in China Telecom Corp by 93.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,211 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 1,068 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in China Telecom Corp by 22.8% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,390 shares of the utilities provider’s stock worth $163,000 after acquiring an additional 630 shares in the last quarter. Diversified Trust Co bought a new stake in China Telecom Corp in the second quarter worth $208,000. Greenleaf Trust bought a new stake in China Telecom Corp in the second quarter worth $240,000. Finally, Goldman Sachs Group Inc. bought a new stake in China Telecom Corp in the first quarter worth $244,000. 0.41% of the stock is currently owned by institutional investors and hedge funds.

About China Telecom Corp

China Telecom Corporation Limited is an investment holding company principally engaged in telecommunications and related businesses. The Company provides integrated information services, including wireline and mobile telecommunications services, Internet access services, information services and other value-added telecommunications services.

Analyst Recommendations for China Telecom Corp (NYSE:CHA)

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