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HSBC: shares down after UBS cuts target

( - Shares of HSBC fell slightly on Tuesday after UBS cut its price target for the stock, to 310 pence from 410 pence, due to the shares having fallen about 50% year-to-date on concerns around rates, impairments and geopolitical risks.

UBS analysts said in a report that the operating outlook remains "challenged" for the banking giant.

"While we think management will increase the restructuring plan - which affects 35,000 staff - finding full cost offsets to headwinds this large while repositioning about 12% of group capital from markets activities in Europe and US to Asia, is too big an ask, in our view," they wrote in a research note.

HSBC shares were down 0.5% on these comments, in ligne with the benchmark FTSE 100 which was also down 0.5%.

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