BUZZ-HSBC Holdings: Investec upgrades, says short Standard Chartered

** London-based bank upgraded to "hold" from "sell" by 4-star trader Investec (LSE: INVP.L - news) , which recommends switching short positions from HSBC into Standard Chartered (BSE: 580001.BO - news) ("sell")

** We think the resumption of loan growth in 2017e is a key inflection point, reflecting both the end of any significant “run-off” drag as well as a genuine re-acceleration of growth across Hong Kong, rest of Asia-Pacific and in the United (Shenzhen: 000925.SZ - news) Kingdom" says Investec

** Although broker thinks Q4 may not be pretty, they upgrade to "hold" with new PT at 740p from 640p

** Broker says HSBC can now credibly target c.5% pa loan growth

** "We think management sought to use the Q3 IMS to rein in “excess” sell-side euphoria around HSBC’s recovering performance" says broker

** Investec do not recommend buying HSBC shares at current levels given that they hardly look “cheap”, as its 4.7% 2017-2019e dividend yield is unremarkable