BEIJING, Sept. 4 (InfoChina) – Citigroup has cut target price of China Netcom Ltd. (NYSE: CN, 0906.HK) from 23.37 HK dollars to 20.49 dollars, based on its weakening performance and uncertain prospects.
Citigroup said deterioration of China Netcom’s fixed-line operation and uncertain prospects of telecom industry reshuffle made the outlook of China Netcom unclear.
The investment bank kept “hold” rating on China Netcom, yet it cut forecast of the company’s net profit by 15 percent and 25 percent respectively for 2007 and 2008, on operating revenue decrease of 7 percent and 9 percent respectively. (Edited by Chen Dongyi,
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China Stock News 
