HSBC: shares underperform after broker downgrade
(CercleFinance.com) - HSBC shares are underperforming on Thursday after Credit Suisse downgraded its recommendation on the share of the UK banking giant from "neutral" to "underperform".
In a note to clients, the broker cited "limited opportunity" for a share re-rating, due to uncertainties around the impact of the group's restructuring plan on revenues.
Credit Suisse also cut its target price for the share, from 495 pence to 370 pence.
HSBC are currently flat on the London Stock Exchange, compared to a 0.7% rise in the FTSE 100 index.
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