Investing.com - The shares of mobile phone camera maker Sunny Optical Technology Group Co Ltd (HK:2382) surged 4.76% to HK$72.65 on Tuesday morning, after HSBC Broking Services raised the firm’s credit rating from “hold” to “buy.”
HSBC also raised the targeted share price of Sunny Optical from HK$87 to HK$99 and predicted that CAGR of the smartphone camera in the next three years would be 18%, reports showed.
Sunny Optical’s shares are also impacted by U.S. tech giant Apple Inc (NASDAQ:AAPL). as the Chinese company is one of its major suppliers. Apple filed an appeal to overturn a sales ban in China of some of its iPhones due to a patent dispute, according to CNBC.
Qualcomm (NASDAQ:QCOM) Incorporated won the patent battle on Monday in a Chinese court to obtain two injunctions against Apple in selling seven models of the iPhone. The firm alleged that Apple infringed on Qualcomm’s patents.
Apple’s shares bounced back 0.66% in the closing time on the firm’s appeal decision, after a nearly 3% slide in its stocks over the legal battle with Qualcomm.