HSBC Holdings (HSBA)

Down
Share Price:
1,529.00p
Market Cap:
£262,695m
Change Today:
-8.80p
Sector:
Banking

Citi downgrades HSBC to 'neutral' from 'buy'

By Michele Maatouk

Date: Wednesday 05 Aug 2026

LONDON (ShareCast) - (Sharecast News) - Citi downgraded HSBC on Wednesday to 'neutral' from 'buy' and cut the price target to 1,570p from 1,640p, saying it expects the shares to pause for breath.
Citi noted that HSBC shares are up 40% year to date, making it one of the best performing stocks in the sector. They now trade on around 11x forward price-to-earnings and 2.2x P/TB for a circa 18-19% return on tangible equity.

"For a further re-rating from here we believe one needs to believe in a period of more rapid top-line growth and while there are some encouraging signs, we believe this will take time to materialise," Citi said.

"Meanwhile HSBC has guided to incremental cost spend near-term, which may limit the magnitude of positive jaws in 2027, and the renewed focus on volume growth may cap near-term buybacks."

As a result, Citi said it expects the shares to now pause for breath, hence the downgrade.

At 1410 BST, the stock was down 4.5%, also dragged lower by a report that Chinese mainland tax authorities have started levying personal income tax on the returns of offshore insurance policies.

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HSBC Holdings Market Data

Currency UK Pounds
Price 1,529.00p
Change Today -8.80p
52 Week High 1,597.40p
52 Week Low 938.90p
Volume 14,126,967
Shares Issued 17,181m
Market Cap £262,695m

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