The bank downgraded the Chinese carrier to "neutral" from "overweight."
The downgrade comes just a day after China Mobile saw its net profit fall for the first time in 14 years in 2013. Profit fell 5.9% to 121.7 billion yuan ($16.9 billion) for the year. Revenue climbed 8.3% in the year to 630.18 billion yuan.
Shares of China Mobile were falling before the downgrade due to worries about a telecom VAT, competition from MVNOs, and web-based messaging services.As of Feb. 28 China Mobile has a total of 775.6 million customers. Must read: Warren Buffett's 10 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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