HSBC: stock rises on broker upgrade
(CercleFinance.com) - HSBC's shares are up on the London Stock Exchange on Friday after Bank of America upgraded its rating on the stock to "buy".
The bank's rating is based on the fact that the British banking group's results, as well as its share buybacks and dividends, are expected to increase.
BofA also points out an attractive valuation, with the share trading at a 2023 P/E of 7x and a dividend yield of 8%, compared with historical averages of 12.5x and 4.5% respectively.
HSBC shares were up over 2.2% in London on Friday following these comments.
The bank is due to publish its quarterly results on Monday 25 October.
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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.
The bank's rating is based on the fact that the British banking group's results, as well as its share buybacks and dividends, are expected to increase.
BofA also points out an attractive valuation, with the share trading at a 2023 P/E of 7x and a dividend yield of 8%, compared with historical averages of 12.5x and 4.5% respectively.
HSBC shares were up over 2.2% in London on Friday following these comments.
The bank is due to publish its quarterly results on Monday 25 October.
Copyright (c) 2021 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.