HSBC downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded HSBC (HSBC) to Hold from Buy with a price target of 910 GBp, up from 830 GBp. The firm expects any incremental restructuring at HSBC will be “relatively small” and aimed at maintaining return on tangible equity levels against a falling rate environment across a global cost base. . If the scale of restructuring is contained, capital return expectations could remain unchanged, which is one of the key attractions of the stock, the analyst tells investors in a research note. After a substantial increase in the share price, Deutsche says HSBC’s value is “no longer there.”