STOCKS | JPMorgan Upgrades BOC Hong Kong To Overweight, Raises Target Price

JPMorgan has upgraded BOC Hong Kong (2388) to Overweight from Neutral and raised its year-end target price to HK$53.3 from HK$43.3, according to Ming Pao. The broker also lifted its profit forecasts for this year and next by 8% and 9%, respectively, and said it expects the stock to outperform over the next six to 12 months, citing what it sees as a reasonable current valuation and strong total shareholder return.