HSBC
HSBC is a London-headquartered global bank founded in Hong Kong in 1865. Its Global Investment Research unit publishes equity, economics and macro strategy research with a particular focus on emerging markets and Asia.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 22012M
- Actions
- 46612M
- Ratings / Price targets
- 234 / 232
- Upgrades / Downgrades
- 82 / 77
- Initiations
- 7
- Buy-rated
- 48%of 177 rated
- Median upside
- +12.7%
- Targets raised / lowered
- 95 / 46
- On record
- Jul 2012 – Sep 2026
Overview
HSBC Global Investment Research has about 290 analysts and associates in 15 locations producing roughly 1,000 reports, podcasts and videos a month, with equity coverage of more than 1,600 companies (2026). A May 2025 restructuring cut more than two dozen analyst roles, mostly in Europe, and made Eliot Camplisson and Raj Sinha global co-heads of equity research. Its research also feeds HSBC's wealth, personal and commercial banking arms.
HSBC was established in Hong Kong in 1865 and incorporated in 1866 as The Hongkong and Shanghai Banking Corporation. HSBC Holdings plc was created in London in 1991 as the group parent, and the 1992 takeover of Midland Bank made it a major UK lender. In January 2025, under chief executive Georges Elhedery, it began winding down M&A and equity capital markets in the UK, Europe and the Americas to concentrate on Asia and the Middle East.
Milestones
- 1865
Founded in Hong Kong as The Hongkong and Shanghai Bank
- 1866
Incorporated as The Hongkong and Shanghai Banking Corporation
- 1991
HSBC Holdings plc established in London as group parent
- 1992
Takes over the UK's Midland Bank
- 2025
Winds down Western M&A and ECM; cuts research roles
Firm facts
- Legal name
- HSBC Holdings plc
- Type
- Full-service
- Founded
- 1865
- Headquarters
- London, United Kingdom
- Listing
- NYSE: HSBC
- Group Chief Executive, HSBC Holdings
- Georges Elhedery
- Global Head of Investment Research
- David May
- Rating scale
- BuyHoldReduce6–12 months
- Also filed as
- HSBC Securities
- Website
- hsbc.com
Research philosophy
While we harness cutting-edge data science techniques, including the power of AI, we see judgement as the essence of financial research.
HSBC calls Global Investment Research its independent research business and says analysts on the ground in fast-growing markets set it apart from other research houses. Alongside day-to-day analysis of events and company results, it says it views the world "through a long lens"; as of 2026 nine themes, from automation to trade and capital flows, inform its coverage.
Rating methodology
Since March 2015 it has rated stocks Buy, Hold or Reduce using target-price bands over six to twelve months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Intel CorporationINTC | Buy | $200 |
 Advanced Micro Devices, Inc.AMD | Hold | $340 |
 NVIDIA CorporationNVDA | Buy | $325 |
 AbbVie Inc.ABBV | Buy | $315 |
 Biogen Inc.BIIB | Reduce | $175 |
 Digital Realty Trust, Inc.DLR | Buy | $240 |
 Eli Lilly and CompanyLLY | Reduce | $940 |
 Novo Nordisk A/SNVO | Hold | $54 |
 Equinix, Inc.EQIX | Buy | $1,400 |
 IQVIA Holdings Inc.IQV | Buy | $240 |
Most active analysts
- Stephen Bersey16 notesCSCOAKAMADSK
- Frank Lee10 notesNVDAAMDINTC
- Saul Martinez8 notesAXPCOFBAC
- Sidharth Sahoo7 notesIQVUNHA
- Wesley Brooks7 notesTTTTAMCPRT
- Mohammed Khallouf6 notesEAAPPNFLX
Recent actions
| Date | Stock | Rating action | Rating | Target |
|---|---|---|---|---|
| Sep 22 |  Brinker International, Inc.EAT | Downgrade | Hold | |
| Sep 22 |  Netflix, Inc.NFLX | Downgrade | Buy →Hold | |
| Sep 22 | BCBicara Therapeutics Inc. Common StockBCAX | Downgrade | Equal-Weight | |
| Sep 21 |  AT&T Inc.T | Downgrade | Buy →Reduce | |
| Sep 21 | CCCompañía Cervecerías Unidas S.A.CCU | Downgrade | Buy →Reduce | $10 |
| Sep 21 | KSKS | Initiate | Buy | |
| Sep 17 |  Nebius Group N.V.NBIS | Initiate | Outperform | |
| Sep 17 |  J.B. Hunt Transport Services, Inc.JBHT | Downgrade | Hold | |
| Sep 17 |  Fluence Energy, Inc.FLNC | Downgrade | Hold | |
| Sep 17 | GNGenerac Holdings Inc.GNRC | Downgrade | Hold | $333 |