Nomura Securities Downgrades HSBC Holdings (HSBC) to Reduce

Nomura Securities downgraded HSBC Holdings (NYSE: HSBC) from Neutral to Reduce.

Analyst Chintan Joshi commented, "We turn cautious on HSBC because we expect revenue headwinds in a challenging macroeconomic environment. While we believe it has strong underwriting standards relative to peers in Asia, the macroeconomic headwinds will still mean elevated loan losses. We expect HSBC to underperform European banks, even though it could become defensive in an Asian context. We are c6% below consensus on 2017E revenues and c11% below on 2017E EPS. While risks to dividends are increasing, we do not yet expect a dividend cut."

For an analyst ratings summary and ratings history on HSBC Holdings click here. For more ratings news on HSBC Holdings click here.

Shares of HSBC Holdings closed at $32.58 yesterday.

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