HSBC Negative on US Banks: Starts JPM at Neutral, MS, BAC, C, GS at Underweight

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HSBC's Robert Murphy initiated coverage on most of the US's major banks Wednesday in an intraday research note:

• JPMorgan (NYSE: JPM) with a Neutral rating and a $50 price target
  
• Morgan Stanley (NYSE: MS) with an Underweight rating and a $20 price target
  
• Bank of America (NYSE: BAC) with an Underweight rating and a $6.20 price target
  
• Citi (NYSE: C) with an Underweight rating and a $34 price target
  
• Goldman Sachs (NYSE: GS) with an Underweight rating and a $107 price target

The Financial Select Sector SPDR ETF (NYSE: XLF) is down 0.7 percent at last check. Notably, the ETF plunged sharply just ahead of noon.

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