Analysts at CLSA have issued a research report in which they increased their price target for the H-shares of CNOOC (00883) by 12.5%, from HK$32 to HK$36. The firm also raised its target for the A-shares and reaffirmed its "Outperform" rating.

The adjustment follows a significant development: the U.S. Department of Defense has decided to remove CNOOC from its list of Chinese military companies. This move represents a major breakthrough, lifting the restrictions that have hindered foreign investment in the stock since 2021.

This removal means CNOOC is now effectively back in consideration for foreign investors. Consequently, the brokerage has revised its price target for the company upward.