(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation on HSBC Holdings while raising its price target from 930 to 1000 pence, seeing an opportunity in the stock’s recent weakness linked, according to him, to renewed concerns about from China.
The broker raises its 2023-25 earnings forecast by around 6%, on the back of higher net interest income (largely in Asia excluding Hong Kong), and now averages 16% above consensus for 2023-25.
Jefferies also says it is 15-20% above market estimates for total capital return 2024-25, and its adjusted ROTE (net of gains in Canada) averages 16% with a stock at 0.8 times the tangible book value (TBV) 2024.
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