HSBC: BofA raises target price

(CercleFinance.com) - Bank of America reiterates its 'buy' recommendation on HSBC shares, raising its target price for them from 960 pence to 1035 pence, not disappointed by a 2024 release that it expected to be a key catalyst for the share.


Management has given confident guidance on wealth management, as well as details of its cost reorganisation, which should support the achievement of a ROTE in the 'mid-teens' for each year from 2025 to 2027, the broker says.

BofA continues to see HSBC shares as having potential to outperform, particularly with the confident business update from management, which it believes implies around 5%-10% upside in consensus.


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