Goldman Sachs upgraded HSBC to Buy from Neutral with a price target of 858 GBp, up from 820 GBp, as the analyst took over coverage of the London listing of the stock. Though the firm is making no change to its earnings estimates, it is aligning its price target methodology with the Hong Kong listing of HSBC, the analyst tells investors. The firm sees HSBC having a “compelling” dividend yield of about 8%, which it notes is higher than the peer group average, as well as a liquid balance sheet that has benefited from Fed and BOE rate hikes.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on HSBC:
- HSBC adds six members to global research team, Reuters reports
- Investors seek damages from Glencore over prospectus statements, FT says
- UBS downgrades HSBC to Neutral, sees ‘tough sledding ahead’
- HSBC downgraded to Neutral from Buy at UBS
- HSBC price target raised to 825 GBp from 800 GBp at RBC Capital