China Life Rises to Six-Week High in U.S. on Goldman Pick
January 18, 2012, 6:15 PM ESTBy Belinda Cao
Jan. 18 (Bloomberg) -- China Life Insurance Co., the nation’s biggest insurer, rose to a six-week high in U.S. trading after Goldman Sachs Group Inc. named it a “long-term winner” among global stocks.
China Life’s American depositary receipts advanced 4.3 percent to $41.29 at 2:27 p.m. in New York, the highest intraday level since Dec. 7.
Goldman Sachs analyst Nick Hartley said today the company was one of 33 global equities that offer attractive entry points. The stock has risen 12 percent this year after a 40 percent slump in 2011.
Three analysts maintained “buy” or “hold” recommendations on China Life today, while Credit Suisse Group AG downgraded the company to “neutral.”
--Editors: Marie-France Han, Richard Richtmyer
To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net
To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net
