Barclays analyst Aman Rakkar upgraded HSBC (HSBC) to Overweight from Equal Weight with a price target of 1,200 GBp, up from 940 GBp. The firm sees “significant scope for upside” to consensus earnings estimates and capital returns, driven by a combination of a “record backdrop” in Hong Kong and a positive strategy update that likely sees HSBC enter a new higher level of return on equity. The bank’s “attractive, multi-year self-help story” should also support a re-rating in the shares, the analyst tells investors in a research note.
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