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Stock impact report

Keefe Bruyette Turns More Positive on HSBC, Citing Hong Kong Strength [Yahoo! Finance]

HSBC Holdings, plc. (HSBC) 
US:NYSE Investor Relations: hsbc.com/investor-relations
Company Research Source: Yahoo! Finance
On December 17, Keefe Bruyette upgraded HSBC Holdings plc (NYSE:HSBC) to Outperform from Market Perform and lifted its price target to 1,240 GBp from 990 GBp. The firm points to HSBC's continued strength in Hong Kong. Its forecasts now sit ahead of broader market expectations. That view lines up with recent developments in the region. On December 15, Hong Kong's Hang Seng Bank said an independent board committee found HSBC Holdings plc (NYSE:HSBC)'s $13.6 billion take-private offer to be fair and reasonable, as reported by Reuters. The committee recommended that minority investors vote in favor of the proposal. Under the terms, HSBC Holdings plc (NYSE:HSBC) plans to buy the 36.5% stake in Hang Seng that it does not already own. When the deal was announced, chief executive Georges Elhedery told Reuters the move fits HSBC's broader strategy of selective acquisitions alongside ongoing divestments. Hang Seng has faced pressure in recent years. Its exposure to Hong Kong and mainland Show less Read more
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