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Fly News Breaks for March 1, 2020
HSBC
Mar 1, 2020 | 12:19 EDT
Goldman Sachs analyst Gurpreet Singh Sahi removed HSBC from Goldman's Asia-Pacific ex Japan Conviction List while keeping a Buy rating on the shares with a HK$70 price target. While HSBC's 2020 to 2022 strategic plan is a move in the right direction, the flagged revenue headwinds and intention to run with higher capital level in the interim came as a negative surprise, Sahi tells investors in a research note. However, the stock selloff since the plan's unveiling pricing in these factors as well as ongoing uncertainty around a new CEO, adds the analyst.