Jefferies analyst Joseph Dickerson upgraded HSBC to Buy from Hold with a price target of 770 GBp, up from 574 GBp. The analyst believes the China and Hong Kong re-opening and capital return prospects of HSBC are "underappreciated attributes which create positive return/risk asymmetry." He now estimates that the sale of the bank’s Canada business can unlock $14B of buybacks and special dividends through 2024. The analyst sees "credible re-rating potential" for the shares.
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Published first on TheFly
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