Equity Snap: Chubb Ltd (CB US): 2Q26 results a small beat

研报英文原文证据摘录

Equity Snap: Chubb Ltd (CB US): 2Q26 results a small beat

has assigned ratings on the following basis:

The target price is based on the analyst’s assessment of the stock’s actual current value, although we expect it to take six to 12

months for the market price to reflect this. When the target price is more than 20% above the current share price, the stock will

be classified as a Buy; when it is between 5% and 20% above the current share price, the stock may be classified as a Buy or a

Hold; when it is between 5% below and 5% above the current share price, the stock will be classified as a Hold; when it is between

5% and 20% below the current share price, the stock may be classified as a Hold or a Reduce; and when it is more than 20%

below the current share price, the stock will be classified as a Reduce.

Our ratings are re-calibrated against these bands at the time of any 'material change' (initiation or resumption of coverage, change

in target price or estimates).

Upside/Downside is the percentage difference between the target price and the share price.

Prior to this date, HSBC’s rating structure was applied on the following basis:

For each stock we set a required rate of return calculated from the cost of equity for that stock’s domestic or, as appropriate,

regional market established by our strategy team. The target price for a stock represented the value the analyst expected the

stock to reach over our performance horizon. The performance horizon was 12 months. For a stock to be classified as Overweight,

the potential return, which equals the percentage difference between the current share price and the target price, including the

forecast dividend yield when indicated, had to exceed the required return by at least 5 percentage points over the succeeding 12