The current news is full of reports about trade and tariff issues between China and the United States. It’s no secret that Chinese stocks and indexes have been hit harder than their U.S. counterparts. Sometimes pullbacks create interesting buying opportunities. Some Chinese companies may have little to nothing to fear from U.S.-China trade tensions.

According to Credit Suisse’s Colin McCallum, China Mobile Ltd. (NYSE: CHL) may be attractive with or without U.S.-China tensions. The investment banking firm has raised its rating on China Mobile to Outperform from Neutral on Thursday. The firm feels that the fundamentals remain unchanged but the current valuation is now more attractive. The upgrade also reverses the downgrade that took place last October.

This is a classical valuation call from Credit Suisse. That’s what happens when there is a stated view that there is no change in the fundamentals since the last downgrade. What has changed is that China Mobile’s share price has fallen by almost 13% over the past three months. Thursday’s note also showed that China Mobile has been underperforming the index by 18.9%.

Credit Suisse’s call showed a potential upside of 16.3% to its unchanged discounted cash flow based target price of HK$84.50. The consensus analyst target price from Refinitiv in local currency terms was shown to be HK$86.68.

China Mobile’s American depositary shares were last seen trading down 0.4% at $46.35 on Thursday, after the U.S. Federal Communications Commission voted to deny the company’s bid to provide telecommunications services in or from the United States. That was already expected to be a nonevent.

China Mobile’s 52-week trading range is $43.25 to $55.84, and the consensus target price was last seen at $55.53.

Credit Suisse recently was much less optimistic on the prospects for U.S. Steel.

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