Royal Bank Of Canada Forecasts Strong Price Appreciation for HSBC (LON:HSBA) Stock

Key Points

• Royal Bank of Canada has raised HSBC's price target from GBX 900 to GBX 950, indicating a potential downside of 0.57% from the current share price.
• Other firms, such as JPMorgan Chase and Deutsche Bank, have also set target prices, suggesting a consensus rating of "Hold" for HSBC with an average price target of GBX 955.
• HSBC shares traded up to GBX 955.40 during the day, reflecting strong interest with over 31 million shares changing hands, significantly above its average volume.

HSBC (LON:HSBA - Free Report) had its target price raised by Royal Bank Of Canada from GBX 900 ($12.20) to GBX 950 ($12.88) in a research note issued to investors on Wednesday morning, MarketBeat.com reports. They currently have a sector perform rating on the financial services provider's stock.

Several other equities research analysts have also recently issued reports on HSBA. Shore Capital reaffirmed a "hold" rating and issued a GBX 980 ($13.28) target price on shares of HSBC in a report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a GBX 910 ($12.33) target price on shares of HSBC in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on HSBC from GBX 830 ($11.25) to GBX 870 ($11.79) and gave the stock a "neutral" rating in a research note on Monday, August 4th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of GBX 955 ($12.94).

HSBC Price Performance

Shares of HSBA stock traded down GBX 7.41 ($0.10) during trading hours on Wednesday, hitting GBX 946.49 ($12.83). The stock had a trading volume of 22,637,666 shares, compared to its average volume of 24,426,074. HSBC has a one year low of GBX 616.03 ($8.35) and a one year high of GBX 978.79 ($13.27). The stock's 50-day moving average price is GBX 910.93 and its two-hundred day moving average price is GBX 872.89. The stock has a market capitalization of £211.31 billion, a price-to-earnings ratio of 9.10, a PEG ratio of 5.97 and a beta of 0.52.

About HSBC

With assets of $3.0tn and operations in 62 countries and territories at 31 December 2022, HSBC is one of the largest banking and financial services organisations in the world. We serve approximately 39 million personal, wealth and corporate customers through three global businesses. We have around 180,000 shareholders in 126 countries and territories.