HSBC admits it got it wrong with Clarksons, as ‘buy’ tag restored

HSBC has admitted it got it wrong when it downgraded Clarksons shares earlier this year over concerns about the weak tanker market.

But the UK bank has rectified its mistake following the shipbroker’s bumper interim results with an upgrade to "buy" and a new target price of £40 ($55.4) per share.

Clarksons shares have climbed by over 30% in the year to date, and last week touched an all-time high of £36.40,