HSBC Holdings plc (HSBC)

Hold Recap: Q2 2026

Two of Three Upgrade Criteria Met, and We Are Not Upgrading: HSBC Stays at Hold

Hold Recap: Q1 2026

Record Returns, Two Unforecast Credit Items, and No Buyback: Initiating HSBC at Hold

Hold Recap: Q4 2025

The Guidance Raise Landed and the Re-Rate Landed With It: Downgrading HSBC to Hold at 1.95x Tangible Book

Outperform Recap: Q3 2025

Two Upgrades Under a $1.4bn Legal Charge: Initiating HSBC at Outperform