LONDON (ShareCast) - (Sharecast News) - Analysts at Deutsche Bank raised their target price on banking giant HSBC from 570.0p to 650.0p on Thursday after the group's new guidance included an upgrade to consensus.
Deutsche Bank said HSBC's new guidance was an upgrade to consensus, despite the stock's "significant" share price underperformance on Wednesday.

However, the German bank said the negative foreign currency translation on revenues was more than offset by higher trading income as rates rise and from the FX translation on costs.

"Impairment guidance for 2023 at the upper end of normalised range but on lower loan growth also leads to additional upgrades," said DB, which reiterated its 'hold' rating on the stock. "On a pre-provision basis, our estimates are 4% better than consensus and 5% post-provision."





Reporting by Iain Gilbert at Sharecast.com

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