UPDATE: Barclays Upgrades China Mobile to Overweight on Relative Merits Among Peers

Barclays raised its rating on China Mobile CHL from Equal-weight to Overweight. Barclays commented, "We see CM as the best structural story relative to price in Chinese telcos at current levels. We see CT (EW) as fairly valued with no catalysts; CU (EW) needs to execute better. With TD-SCDMA gathering some momentum and TD-LTE trials around the corner, we believe higher wireless data usage, revenue growth and then earnings uplift in that order serve as potential positive catalysts for CM into and through 2013. Relative earnings stability and the ~4% yield are pluses; we think near-term earnings overhangs are well understood." China Mobile closed at $56.10 on Friday.