RBC Capital downgraded HSBC to Sector Perform from Outperform with a price target of 775 GBp, down from 825 GBp. HSBC shares have outperformed U.K. bank peers by 31% year-to-date and now is a good time to take profits, the analyst tells investors in a research note. The firm says the bank’s earnings momentum looks to have turned and an improved capital distribution profile is now reflected in consensus. It believes the shares are looking more fair value.
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