BNP upgrades HSBC target price to HK$110

BNP lifted the target price of HSBC Holdings (0005) from HK$100 to HK$110, based on the supposal that the long-term profit growth rate reaches 9.5% and discount rate stands at 12.6%. 

The fund house predicted that 46% of pre-tax profit of HSBC would come from Europe and the company would maintain stable growth in profits blessed by the rate cut and its strong fortune management business.

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