JP Morgan: Maintains HSBC HOLDINGS (00005) "overweight" rating with a target price of HKD 165.
Citi expects the exchange rate to remain strong, with the next catalyst being the Investor Day in May.
JPMorgan Chase released a research report stating that HSBC HOLDINGS (00005) fourth quarter 2025 performance and mid-term return on tangible equity (ROTE) guidance exceeded expectations. JP Morgan maintains a "neutral" rating on HSBC and a target price of HK$165. Overall, the performance briefing conveyed positive news, with management providing a clearer outline of the revenue growth trajectory for 2026-2028, factors driving net interest income growth, and a roadmap to achieve synergy in HSBC's operations. In addition, HSBC management's explanation of costs is expected to alleviate concerns in the market about inadequate investment in key areas such as technology and artificial intelligence. JP Morgan expects the exchange rate to remain strong, with the next catalyst being the Investor Day in May.
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