UPDATE: Jefferies Lowers PT on China Telecom Limited Following 1H13 Results

In a report published Thursday, Jefferies analyst Cynthia Meng reiterated a Buy rating on

, and lowered the price target from $64.00 to $60.60. In the report, Jefferies noted, “1H13 results 1.6% above consensus. Expect lower handset subsidy-to-sales ratio in 2H13. Mgmt guided FY13E Capex up 7% to RMB80bn for 4G LTE trial network. Expect FY14 total Capex to be flattish YoY, with 50% + in LTE related Capex in the mix. We tweaked down FY13E/14E earnings by 0.9%/5%, respectively. Reiterate Buy, PT slightly revised down by 6% to HK$4.7.” China Telecom Corporation Limited closed on Wednesday at $51.75.