(News Bulletin 247) – Berenberg announced on Wednesday that it had raised its recommendation on HSBC from ‘hold’ to ‘buy’, believing that the planets were beginning to align better for the British establishment.
In a research note, the analyst argues that the banking giant’s footprint remains “structurally attractive”, with a global presence that positions it ideally to carry out lucrative transactions on behalf of its corporate clients.
Berenberg – whose price target remains at 780 pence – believes however that this structural advantage has so far been overshadowed by cyclical problems and by the uncertainty relating to its restructuring project.
But the rise in interest rates is now supporting the group’s profitability, underlines the intermediary, who also believes that the risks associated with the restructuring process have been considerably reduced.
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