HSBC: Barclays downgrades to 'underweight'

(CercleFinance.com) - Brokerage Barclays Capital has downgraded its rating on British banking giant HSBC to "underweight" relative to its European banks coverage.


"We still like its long-term growth story and recognize HSBC as a relative safe-haven in difficult markets with a 6% cash yield and diverse earnings," Barclays wrote in a note.

"However, we see downside to consensus earnings on weaker China, an inverted US curve and FX movements, and an expensive valuation," it added.

Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.