Stock Name: CoscoCorp
Company Name: COSCO CORPORATION (S) LTD
Company Name: COSCO CORPORATION (S) LTD
| Research House: Citigroup | Price Call: SELL | Target Price: 1.50 |
Shares of Singapore-listed Chinese shipbuilder Cosco Corp (COSC.SI) fell as much as 9.4% on Tuesday after it reported a 53% fall in second quarter net profit.
Around 9:10 a.m., Cosco was traded at $1.54, down 9.1% from its Monday close on a volume of over 21 million shares.
Citigroup downgraded the stock to sell from buy with a new price target of $1.50, saying Cosco “failed to demonstrate its ability to capitalise on stronger-than-expected year-to-date order wins”.
Around 9:10 a.m., Cosco was traded at $1.54, down 9.1% from its Monday close on a volume of over 21 million shares.
Citigroup downgraded the stock to sell from buy with a new price target of $1.50, saying Cosco “failed to demonstrate its ability to capitalise on stronger-than-expected year-to-date order wins”.
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