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Morgan Stanley: Maintains HSBC Holdings 'Shareholding' rating with a Target Price of 83 Hong Kong dollars.
Morgan Stanley released a Research Report stating that it maintains a "Shareholding" rating for HSBC Holdings (00005), with a Target Price of HKD 83. Morgan Stanley believes that HSBC's first-quarter revenue exceeded expectations, mainly driven by non-interest income from wealth management, Bonds, and Stocks markets, therefore raising this year's expense and other income forecasts, while increasing this year's profit forecast by 1.2%. However, due to the impact of tariffs on trade-related income, profit forecasts for next year and the following year were lowered by 1.3% and 1.4%, respectively. The bank estimates that at fixed Exchange Rates, the group's first-quarter costs rose by 3.5%, and the target of a 3% increase in costs for the whole year is likely to be achieved. The guidance for net interest income of USD 42 billion is also achievable.
Summary of opinions: HSBC lowers the target for the S&P 500 Index, and Saudi Arabia may push OPEC+ to increase production again.
HSBC strategists have lowered the year-end target for the S&P 500 Index from 6,700 points to 5,600 points, stating that tariffs and slower-than-expected economic growth in the USA will pressure corporate profits. JPMorgan expects that Saudi Arabia may push OPEC+ to increase production again in June. Morgan Stanley believes that betting on a weaker dollar through Call options on the euro and yen is the best strategy. HSBC lowers the S&P 500 Index target, stating that tariffs and economic factors will put pressure on corporate profits.
Cui Nyonya Kueh : Thank you, see you tomorrow!