HSBC upgrades Citigroup to buy, Morgan Stanley downgraded

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HSBC upgrades Citigroup to buy, Morgan Stanley downgraded
Credit: © Reuters.

NEW YORK - In a recent shift in financial sector assessments, HSBC has upgraded Citigroup to a 'Buy' status, pointing to the bank's promising potential for return on equity improvement and growth in book value.

Contrarily, Morgan Stanley has experienced a downgrade to 'Hold' by the same institution, prompted by less optimistic revenue projections in its wealth management sector, even though its price target has been raised to $96.

The market has responded to these adjustments with Citigroup's stock experiencing a modest uptick of 0.2% in premarket trading today. On the other hand, shares of Morgan Stanley have seen a decrease, dropping by 0.7%.

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