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Broker snap: UBS upgrades Standard but prefers HSBC
Thu, 02 Sep, 2010
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Broker snap: UBS upgrades Standard but prefers HSBC
Thu, 2 Jul 2009, 13:30:00
More Chart Options
Related Market Prices
Name
Value
Percent
Change
Standard Chartered
1836.00p
+0.96%
HSBC Holdings
652.00p
+0.00%
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Though it continues to favour fellow Asia-focused bank
HSBC
, UBS has moved from a negative to a neutral stance on
Standard Chartered
, and sees the shares becoming becalmed in the near future. UBS has upped its price target from £10 to £11.40, some 50p below its current share price. The Swiss bank is projecting Standard to make pre-tax profit of $2.5bn at the interim stage this year, nearly four times what it was making four years ago, as it benefits from having maintained its capital and funding discipline prior to the credit crunch. The Swiss bank believes the interim results will represent a near term earnings peak for Standard. It prefers
HSBC
, which is likely to benefit from the same trends as Standard Chartered but which is valued well below its historical average.
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