COSCO SHIP ENGY Rises Over 3% at Opening, Morgan Stanley Sets Target Price at HK$13.20

Deep News01-07

COSCO SHIP ENGY (01138) saw its shares climb more than 3% at the start of trading, though the gains moderated as the session progressed; by the time of writing, the stock was up 0.21%, trading at HK$9.71, with a turnover of HK$152 million.

Morgan Stanley released a research report stating that the share price of COSCO SHIP ENGY (01138) is expected to experience an absolute increase over the next 30 days, as the recent pullback has made its short-term valuation more attractive. The firm observes that demand for legitimate oil tankers is rising amid ongoing geopolitical dynamics. Morgan Stanley estimates the probability of this scenario playing out is approximately 70% to 80%, or "highly likely." The bank has assigned COSCO SHIP ENGY an "Overweight" rating with a target price of HK$13.20.

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