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    Thursday, November 05, 2009

    China Unicom Shares Higher After Citi Upgrade

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    By Michael Kitchen
    MarketWatch Pulse
       

      HONG KONG -- Shares of China Unicom Ltd. were up more than 4% in Thursday afternoon trade, helped Citigroup's rerating the stock to buy from sell. Citi said the stock offers good value, while the weak debut of the Apple Inc.'s iPhone -- which the telecom is selling in China -- appeared to be reflected in current prices. It said China Unicom's third-generation cellular services, launched Oct. 1, are off to a "reasonable start," attracting about 15,000 new subscribers daily and likely to grow by 30,000 subscribers a day by late November when new sales channels open. It has a price target for the share of 12.30 Hong Kong dollars ($1.59), compared to its Thursday afternoon level of 10.46 Hong Kong dollars.

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