CICC: Raises CNOOC (00883) Target Price to HK$36, Reiterates "Outperform" Rating.

Citi released a research report stating that the target price of CNOOC (00883) H shares has been raised by 12.5%, from HK$32 to HK$36. The target price of A shares has also been raised, with a reiterated outperform rating. The US Department of Defense has decided to remove China National Offshore Oil Corporation from the list of Chinese military companies, which is a significant breakthrough and lifts the restrictions that have hindered foreign investors from investing in the stock since 2021. This means that CNOOC can finally return to the view of foreign investors. Therefore, the bank has raised the target price for the company.