JPMorgan analyst Katherine Lei downgraded HSBC to Neutral from Overweight with a price target of HK$61, down from HK$66. The analyst sees an "unfavorable backdrop" of decelerating macro growth and the interest rate hike cycle coming to an end. There is rising downside risk to HSBC’s net interest income, rising credit risks, and limited upside to the bank’s capital return, the analyst tells investors in a research note.
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Published first on TheFly
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