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HSBC: Berenberg downgrades to 'sell' on lower rates

( - Berenberg on Tuesday downgraded the HSBC share from "hold" to "sell," saying that the British banking giant is fighting "too many battles.

"HSBC's new strategy appears well intended but poorly timed," the German broker wrote in a note.

As recent growth has relied on cyclical tailwinds, lower rates create a material headwind, Berenberg added, also cutting its target price from 700 pence to 490 pence.

The broker said that given trade and political tensions in HSBC's key markets, volume growth of about 4% is required to meet the consensus, which, given rate headwinds, is unrealistic, at least from its point of view.

The HSBC share seemed pretty immune to these comment on Tuesday morning, with the share staying afloat and actually rising 0.2% at 597.5 pence.

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