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<Research>JPM Lifts HSBC HOLDINGS's TP to HKD118, Expects 2Q NII to Drop 1%
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JPMorgan has released a research report predicting HSBC HOLDINGS (00005.HK)'s 2Q25 net interest income from banking operations to edge down by 1% QoQ to USD10.5 billion, alongside a mildly declined net interest margin and stable loan size.

In the broker's opinion, there is potential downside risk to management's full-year net interest income guidance of USD42 billion. Even if the USD weakens, the drop in HIBOR in 2Q is also considered.

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JPMorgan lifted its Dec-26 target price for HSBC HOLDINGS by 9.3% from HKD108 to HKD118, while maintaining an Overweight rating.
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