HSBC upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst Robert Noble upgraded HSBC to Buy from Hold with a price target of 760 GBp, up from 650 GBp. Rising global rates "should lead to a bumper earnings year," says the analyst, who sees structurally higher returns at HSBC. The shares trade at more attractive relative valuation after the 17% underperformance versus Standard Chartered in 2022, Noble tells investors in a research note.