HSBC (LON:HSBA) Hits New 52-Week High on Analyst Upgrade

Shares of HSBC Holdings plc (LON:HSBA) hit a new 52-week high on Tuesday after JPMorgan Chase & Co. upgraded the stock to a neutral rating. JPMorgan Chase & Co. now has a GBX 1,380 price target on the stock, up from their previous price target of GBX 1,370. HSBC traded as high as GBX 1,500 and last traded at GBX 1,493.40, with a volume of 96872328 shares trading hands. The stock had previously closed at GBX 1,480.80.

A number of other equities analysts have also recently weighed in on HSBA. HSBC reissued a “hold” rating and issued a GBX 1,450 price objective on shares of HSBC in a research report on Wednesday, May 6th. Royal Bank Of Canada boosted their price target on HSBC from GBX 1,200 to GBX 1,275 and gave the stock a “sector perform” rating in a research note on Thursday, May 14th. Shore Capital Group upgraded HSBC to a “hold” rating and raised their price objective for the company from GBX 1,210 to GBX 1,250 in a research note on Thursday, May 7th. UBS Group restated a “neutral” rating and set a GBX 1,419 price objective on shares of HSBC in a report on Tuesday, May 5th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a GBX 1,120 target price on shares of HSBC in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, HSBC has a consensus rating of “Hold” and a consensus price target of GBX 1,301.75.

Insider Activity at HSBC

In other news, insider Pam Kaur purchased 2,345 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was acquired at an average cost of GBX 1,340 per share, for a total transaction of £31,423. Insiders own 0.14% of the company’s stock.

HSBC Stock Performance

The company has a market cap of £261.87 billion, a P/E ratio of 12.62, a P/E/G ratio of 5.97 and a beta of 0.56. The business has a fifty day simple moving average of GBX 1,411.27 and a 200 day simple moving average of GBX 1,321.17.

About HSBC