UBS has downgraded HSBC from 'buy' to 'neutral' after Monday's disappointing 2014 results, saying that revenue momentum at the bank lost steam in the fourth quarter.It also said HSBC's capital position disappointed and foresees "at least another two years of de-leveraging ahead".The broker lowered its target price for the shares from 730p to 590p."We expected HSBC to report a tough Q4 and cut our estimates on 16 December and 29 January in anticipation. However, the outcome was even worse than we expected," said analysts John-Paul Crutchley and Stephen Andrews.Underlying revenues were 7% lower year-on-year in the last three months of 2014, partly due to adverse foreign exchange movements which are likely to continue to drag on results in 2015, they said.The analysts now estimate no underlying revenue growth for this year, compared with its previous forecast of +4%. "In absolute terms this is a $3.8bn downgrade to HSBC's top line," they added.Meanwhile, HSBC delivered a common equity tier-one (CET1) capital ratio of just 11.1% by the year end, down 30 basis points over the final quarter. UBS said that regulators are demanding a CET1 of around 12-13% so the mid-point of this target range implies a requirement to build another $20bn of equity.They said: "We have removed any potential scrip dividend neutralisation built into our forecasts and lowered our [dividend] forecasts to reflect this need to build capital for longer than we had anticipated. With a forecast return on tangible equity of just 9-10% and 50-60% pay-out ratio, absent further significant disposals we estimate this process may take at least another two-three years."HSBC was trading 0.2% lower at 576.1p by 10:47 on Tuesday, having dropped nearly 5% the previous session.