HSBC Holdings (NYSE:HSBC) rose more than 4% intra-day on Wednesday after BofA Securities upgraded the stock to Buy from Neutral, citing significant upside potential tied to growth in Hong Kong deposits and Asia-based wealth management.

The analyst said both segments represented areas where HSBC held notable competitive advantages and where management had pledged additional investment. BofA forecast that the increased resource allocation would strengthen the bank's market positioning and fuel share gains.

The firm's 2026 and 2027 EPS estimates were projected to be 7% to 9% above consensus, supported by higher revenue expectations and a pick-up in share repurchases, which BofA expected to return to a run-rate of $2-3 billion per quarter beginning in the second quarter.