Goldman Sachs raised target price of China Mobile to HK$64 from HK$58.9, rating kept at Neutral

 

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China Mobile should continue to lead the 5G/ mobile segment, while it’s expected to catch up to China Telecom in terms of cloud revenue and customer scales, as the focus of Chinese telcos’ growth shifts towards enterprise and cloud business, Goldman Sachs said in a note. 

China Mobile’s major advantage is its strong financial condition and resources which can help it rapidly expand cloud business, it said. 

Goldman Sachs lifted the target price for the stock from HK$58.9 to HK$64, with its rating kept at Neutral. 

The forecast of the company’s 2022-24 revenue and profit were hiked by 5-15% and 3-12%, respectively, the bank said.