Grab Holdings upgraded to Buy from Hold at HSBC

HSBC upgraded Grab Holdings (GRAB) to Buy from Hold with a price target of $5.45, down from $5.50. The firm thinks Street expectations for the stock have come down over last few months as reflected in Grab’s stock price performance. The stock’s valuation has become attractive after the recent price correction, the analyst tells investors in a research note. HSBC continues to think Grab should be able to strengthen its leadership position in key categories of ride hailing and deliveries due to its ability to continuously roll out innovative and affordable products.