HSBC (NYSE: HBC)‘s stock had its “neutral” rating restated by Zacks in a report issued on Tuesday. They currently have a $57.00 target price on the stock.
Zacks‘ analyst wrote, “HSBC’s full year 2012 net profit was about 17% down from 2011 primarily due to negative swing in the fair value of its own debt as credit spreads tightened and tax rate was higher. Further, the results were adversely impacted by loss in the Other segment. Nevertheless, all other divisions performed well. Core results were affected by higher operating expenses, partially offset by improved top line. After analyzing the results, we maintain our long term Neutral recommendation on the stock.”
HSBC traded up 0.24% on Tuesday, hitting $54.08. HSBC has a 52-week low of $38.56 and a 52-week high of $57.37. The stock’s 50-day moving average is currently $55.68. The company has a market cap of $207.8 billion and a price-to-earnings ratio of 15.37.
HBC has been the subject of a number of other recent research reports. Analysts at Berenberg Bank reiterated a “buy” rating on shares of HSBC in a research note to investors on Thursday, February 28th. Separately, analysts at Investec upgraded shares of HSBC to a “hold” rating in a research note to investors on Wednesday, February 27th. Finally, analysts at UBS AG reiterated a “neutral” rating on shares of HSBC in a research note to investors on Monday, February 25th.
Fifteen equities research analysts have rated the stock with a buy rating, seven have assigned an overweight rating, eleven have given a hold rating, and three have issued an underweight rating to the stock. HSBC currently has a consensus rating of “overweight” and an average target price of $56.82.
HSBC Holdings plc (HSBC) is a global banking and financial services company. Through its subsidiaries and associates, HSBC provides a range of banking and related financial services.
To view Zacks’ full report, visit www.zacks.com
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