Bear of the Day: HSBC Holdings - ADR (HBC)
by Zacks Equity ResearchDecember 27, 2012 | Comments : 0 Recommended this article: (0)
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Quarterly core results were adversely impacted by higher operating expenses. There are also concerns related to the impact of the Euro-zone crisis, weak revenue growth in its mature markets and regulatory restrictions.
Our six-month target price of $48.00 per ADR equates to about 11.1x the Zacks Consensus Estimate for 2012. This target price implies an expected negative total return of 10.0% over that period. This is consistent with our long-term Underperform recommendation on the ADRs.
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