JPMorgan ups China Mobile price target

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HONG KONG, Oct 3 (Reuters) JPMorgan raised its target price for China Mobile <0941.HK> to HK5 from HK and has an overweight rating for the stock, saying the world's largest wireless operator was still a very attractive investment.

JPMorgan analyst Jimmy Cheong said China Mobile was fundamentally the strongest Chinese telco and consistently delivered robust financial results.

''We do not believe it is the right time to be selling the stock or reducing positions. On the contrary, we would recommend that investors accumulate more, particularly on any days of market weakness due to general stock market volatility or profit taking,'' he said in a report.

China Mobile shares closed at HK5.40 on Tuesday and have doubled in value so far this year.

Reuters SBA VP0738

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