Despite HSBC HOLDINGS (00005.HK) +0.176 (+0.202%) Short selling $149.31M; Ratio 19.249% delivering a robust 1Q25 results performance, expectations of declining interest rates, revenue impacts from U.S.-China tariffs, and limited offset from stimulus policies led to a 2-3% reduction in revenue forecasts by JP Morgan for FY2026-27 and a 2-7% cut in adjusted EPS forecasts for FY2025-27, JP Morgan’s research report noted. The target price was lowered from HKD115 to HKD108.JP Morgan revised its U.S. average interest rate forecasts for 2025-27 from 4%/ 3.5%/ 3.5% to 4%/ 3.25%/ 3%. Consequently, the broker reduced its NII forecasts for 2026 and 2027 by 2% and 3%, and non-NII forecasts by 2%, while factoring in an additional USD500 million in expected credit loss provisions for 2025. The broker kept an Overweight rating on HSBC HOLDINGS.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-08 12:25.)