HSBC Turnaround Boosted by KBW Upgrade

about 1 month ago

Tom McKenzie

"They've been upgraded to a buy by KBW. Uh the analysts. So if you look at their overall analyst ratings now, they've got 11 buys, 10 holds, and one sell. So, joining the ranks of those who are pretty bullish on HSBC. Shares hit a fresh record high in the back of this, and obviously this comes in the context of them embarking on a huge turnaround under their CEO. They've recently appointed a new chair who was seen as quite a safe choice. They've already been cutting jobs, merging and scrapping units, and plowing ahead with this turnaround. This upgrade is particularly on the back of the strength of their Hong Kong business, which is crucial given their exposure to ongoing tensions between China and the US, and they're expecting that trend to continue."

HSBC has been upgraded to a buy by KBW, reflecting bullish sentiment driven by its turnaround strategy and strong Hong Kong business. The commentary highlights a strategic shift including cost-cutting, mergers, and leadership changes, positioning HSBC for continued growth despite geopolitical tensions.

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