Citi's European Banks analyst Ronit Ghose downgraded HSBC to Sell from Hold and lowered his price target on the shares to 600p from 675p, citing the stock's high relative valuation and the reduction of his 2019-20 EPS by about 3% to reflect lower fee and trading income. Ghose added that HSBC has a "very good bank" in Hong Kong, but noted that it has lost market share there, "similar to many incumbent banks." Looking ahead, he worries about retail banking disruption in Hong Kong, which he said has not been an early adopter of digital finance but will be enabling new entrants shortly.