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HSBC: shares outperform after Berenberg upgrades stock

( - Shares in British banking giant HSBC outperformed the London stock market on Thursday after Berenberg said that it was upgrading the stock to "hold".

The broker - which previosuly had a "sell" rating on the share - however cut its target price from 430 pence to 390 pence.

HSBC remains far from cheap, although its 35% discount to tangible book value (TBV) is comparable to historical troughs, and better reflects the broker's estimates, Berenberg said in a note.

"As a result, we believe risks to the share price are now more balanced," it wrote. HSBC shares are currently down 1%, while the FTSE 100 index is down over 2%.

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