LONDON, January 17 (newratings.com) - Analysts at Dryden Financial downgrade HSBC (HBC1.FSE) to “hold.” In a research note published this morning, the analysts mention that HSBC’s growth rate is expected to be under pressure in the forthcoming few quarters due to the company’s ongoing global expansion activities. The performance of HSBC’s consumer finance and household segments is vulnerable to any potential appreciation of the US dollar, the analysts say.
Watchdog organization Household - HSBC Watch concurs with the analysis and states that Household International, which is now called HSBC Finance Corporation, provided profits for HSBC in the first quarter only due to accounting changes. Household - HSBC Watch reminds investors that Household pulled down HSBC and the entire London market with a poor showing last quarter.
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