BOCI Raises CNOOC TP to HKD34.69, Reiterates Buy
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BOCI has raised its target price for CNOOCfrom HKD32.28 to HKD34.69, maintaining a Buy rating. The report highlights a 7% YoY increase in CNOOC's net profit for Q1 2026, driven by higher oil prices and production. The broker anticipates stronger earnings in upcoming quarters due to rising oil prices following the Middle East conflict, adjusting its oil price forecasts for 2026-2028 upwards by 6%, 3%, and 1%.
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