Foxconn Intl shares surge after Citigroup upgrade

HONG KONG Mon Nov 5, 2012 2:33am GMT

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HONG KONG Nov 5 (Reuters) - Shares of Foxconn International Holdings, the world's biggest contract maker of cellphones, surged as much as 28 percent on Monday after a Citigroup upgrade to "buy" spurred heavy short-covering in the stock which has languished this year on dwindling handset sales.

Citigroup, which said this was its first positive rating on the stock in nearly three years, said it expected a sharp turnaround for Foxconn in 2013 driven by assembly & component business from smartphone makers such as Apple Inc.

Shares of Foxconn, which assembles handsets for the likes of Nokia Oyj, Huawei Technologies Co Ltd and ZTE Corp , are still down 30 percent this year compared to a near-20 percent rise for the Hang Seng Index .

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