BAML Downgrades HSBC, Says "Wait For Better Times"

As BAML downgrades HSBC, is a new management strategy required in the era of negative rates and upside-down economic philosophy? On a week when large banks seem to be going after each other, ala UBS initiating coverage on Wells Fargo with a sell rating, Bank of America Merrill Lynch isn’t much impressed with European rival HSBC. In a note out March 23, equity analysts Alastair Ryan and Michael Helsby downgraded the stock to underperform, citing a lowered earnings estimate. “The earnings cuts lower our valuation by 30p to 450p, leaving no upside potential,” the duo wrote. HSBC is a “traditional” bank…