JP Morgan Cuts Oil Forecast, Downgrades PetroChina
J.P. Morgan, which turned bullish on PetroChina (857.Hong Kong/PTR) in mid-January, has already changed its mind and downgraded this stock this morning.
First of all, JP Morgan’s equity analysts are heeding their house calls. The bank now sees Brent crude averaging $45-55 a barrel between fiscal year 2016 and 2017, down from $50 to $60 previously.
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