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<Research>M Stanley Slightly Lifts HSBC TP to $79.9; Shr Buyback Beats
Recommend 68 Positive 124 Negative 61 |
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HSBC HOLDINGS (00005.HK)'s 1Q24 PPOP was 7% ahead of the market's original estimate, thanks to NII and fees, Morgan Stanley wrote in a report. HSBC announced a new round of share buybacks of up to US$3 billion, higher than the expected US$2 billion, pointing to the fact that there is upside to company's NII guidance. The broker also raised its 2024 and 2025 EPS forecasts on HSBC by 4-5%. Morgan Stanley slightly raised its target price of HSBC from $79.2 to $79.9, and maintained an Overweight rating. Morgan Stanley revised up its full-year share buyback forecast for HSBC from US$9 billion to US$10 billion, as HSBC's CET1 was 15.2% as of the end of March, which will help the bank make further share buybacks. AAStocks Financial News |
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