BofA analyst Perlie Mong downgraded HSBC (HSBC) to Neutral from Buy with a price target of $63, down from $64.32. The bank’s upside and downside risks “feel balanced at the moment,” particularly in relation to the U.S. interest rate cut trajectory, and tariff re-escalation risks, the analyst tells investors in a research note. The firm says HSBC’s “valuation is not obviously cheap versus the sector.” z
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