HSBC upgraded to Buy from Hold at Berenberg

Berenberg analyst Peter Richardson upgraded HSBC to Buy from Hold with an unchanged price target of 780 GBp. The analyst views the bank’s footprint as "structurally attractive." HSBC’s global presence means it is well positioned to provide high-returning transaction banking services for global corporates, the analyst tells investors in a research note. The firm says higher interest rates have supported HSBC’s returns and tat risks from its restructuring are now modest. It believes HSBC’s 13% return on tangible equity and "attractive growth potential are undervalued."