China COSCO hits record after Goldman upgrade

Shares in China COSCO Holdings Co. Ltd. , the listed flagship of the country's premier shipping conglomerate, surged as much as 12 percent to a record high at the open on Thursday after Goldman Sachs upgraded the stock to "buy" from "neutral".China COSCO shares later pared gains to HK$4.15, up 5.87 percent.Goldman Sachs also raised its price target for the stock to HK$5.30 from HK$4.20 on its expectation of more positive 2007 container shipping freight rates, it said in a research note on Wednesday.