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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on HSBC:
- Kentucky lists BlackRock, Citi, JPMorgan as energy boycotters
- HSBC beats $141M lawsuit in U.K. over Allen Stanford, Reuters says
- HSBC Bank USA raises prime lending rate to 7.5% from 7%
- HSBC updates climate policy to stop funding new oil, gas
- HSBC price target raised to 570 GBp from 530 GBp at JPMorgan