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Shares of Singapore-listed Chinese shipbuilder Cosco Corp (COSC.SI) jumped nearly 6% on Wednesday after Citigroup upgraded the stock to “buy” from “sell”, citing the firm’s success in getting more sophisticated projects.
Citigroup also raised its target price for Cosco to $2.30 from $1.40 as the firm clinched more orders for oil rigs, floating platforms and windmill vessels.
“The scope and quantity of work it got in recent offshore projects are important indicators of its progress as a credible player in this segment,” Citi said in a report.
Around 0228 GMT, Cosco shares were up 4.6% at $1.81 with over 37.6 million shares changing hands. The stock had risen to a five-month high of $1.83 earlier on Wednesday.
Citigroup raised its earnings estimate for Cosco by 23% to 26% for fiscal year 2011 and 2012.
Cosco shares have gained more than 50% so far this year.
