HOLD PCCW Credit Suisse First Boston has upgraded its rating on the fixed-line operator to 'neutral' from 'underperform'. Analysts Christopher Fang, Jay Chang and NiQ Lai said sentiment towards the company's Cyberport project had improved dramatically over the past few months in line with the rise in the residential property market. They said underweighting the counter was no longer unattractive because of the possible positive impact of regulatory changes and new service developments which might benefit churn rates. The analysts raised their target for the stock to $5.60 from $4.75. It closed at $5.50 yesterday. HOLD Convenience Retail Asia HSBC Securities has maintained its 'hold' rating given the counter's high valuation, despite bright prospects for the company's Circle K convenience stores, amid signs of an improving economy. The company expects rising consumer prices and improving unemployment to translate into better sales. Analysts Anne Ling and Agnes Ng said: 'Early signs of improvement are already evident but further monitoring would be necessary.' They said the counter, which is trading at 21 times next year's estimated earnings, looked fairly valued. They have a target of $2.10 on the stock. SELL Global Bio-Chem Technology Dao Heng Securities has downgraded its recommendation on the stock from 'hold' to 'reduce', citing the company's poor earnings outlook because of fierce competition. Analyst Andrew Tong said oversupply would be an issue in the mainland lysine market, one of Global Bio-Chem's main biochemical products. Mr Tong estimated supply would increase to 170,000 tonnes next year while demand would be 140,000 tonnes. With more supply in the market, Mr Tong has cut his net profit estimates for the firm by 14.4 per cent to $439 million next year. He has a six-month target of $2.45 for the stock, which ended at $2.90 yesterday.