The stock value increased by 3%, reaching a record peak, subsequent to Citigroup Inc.’s upward revision of its target stock price. This occurred amidst growing revenues in their asset management division and a rebound in Hong Kong’s interbank lending rates.
Citi’s experts, featuring Andrew Coombs, stood by their “buy” rating and incorporated the stock into their roster of “positive catalysts,” anticipating the release of yearly financial results on February 25. The updated target price of 1,370 pence suggests a possible upward movement of roughly 10% from Monday’s final price.
The surge in quotes on Tuesday broadened the stock’s gain since the start of the year to 9%, elevating HSBC’s market value to £219.2 billion ($300.6 billion) around noon in London. The bank’s shares exhibited their most substantial yearly increase since 1999 the previous year, with an ascent exceeding 50%.
Source: Bloomberg