Hongkong Land upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Hongkong Land (HKHGF) to Overweight from Neutral with a price target of $4.90, up from $4.50. The firm believes the latest disposal of office floors in One Exchange Square at a 3.1% cap rate “demonstrates management’s ability to execute capital recycling” and also views the announcement of a share buyback program as a positive.