Goldman Sachs: Raised HSBC's target price to HK $101, raised earnings forecast per share for fiscal years 2025 to 2029.

Goldman Sachs released a research report stating that HSBC Holdings' first quarter performance exceeded the bank's and market's expectations, and the management maintained the guidance for return on tangible equity for fiscal years 2025 to 2027 at mid-double digits. They also confirmed the net interest income guidance for fiscal year 2025 at $42 billion, with a target cost growth of 3%. The bank raised its earnings per share forecast for fiscal years 2025 to 2029 by 4%, 5%, 4%, 2%, and 1% respectively, and increased the H share target price from HK$98 to HK$101, maintaining a "buy" rating. The bank now expects net interest income for fiscal years 2025 to 2027 to reach $41.5 billion, $41.8 billion, and $43.1 billion, with revenue forecasts for the company during the period at $66.8 billion, $67.8 billion, and $70.4 billion. As for the impact of tariffs, the management stated that many corporate clients of the trading bank are adopting a wait-and-see attitude, and overall, the management anticipates low single-digit downside risks to income.