Deutsche Bank Upgrades HSBC Holdings (HBC) to Buy

Deutsche Bank upgraded HSBC Holdings (NYSE: HBC) from Hold to Buy. Analyst Jason Napier thinks the stock is undervalued.

"We think HSBC at this price presents a good opportunity with investors getting what they expect: strong balance sheet, some gearing to a continued recovery in the US, strong dividend yield buttressed by plans for buybacks in 2014 and beyond, and medium term gearing to higher interest rates which we expect could add at least 10% earnings upside to the organic growth of ~8% which management are aiming to achieve," said Napier.

For an analyst ratings summary and ratings history on HSBC Holdings (NYSE: HBC) click here. For more ratings news on HSBC Holdings click here.

Shares of HSBC Holdings closed at $51.38 yesterday.

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