Broker tips: HSBC, AstraZeneca, Rolls-Royce...

HSBC shares will continue to underperform the wider banking sector following the company's 'mixed' first-quarter results, according to wealth manager Brewin Dolphin.Overall, we would argue that this is a mixed set of results: costs, impairments and capital were all either better or in line with expectations. However, the revenue miss has disappointed. This is really down to Asia (down 22.5% year-on-year) and Latin America (down 15%)," Brewin said.AstraZeneca shareholders should expect a further bid from Pfizer to materialise in the coming weeks, according to Panmure Gordon which kept a 'buy' rating on the stock."We have set out relatively conservative assumptions which should make a bid of £55 per share easily achievable for Pfizer. We expect the recent flurry of noise coming from government to provide relatively little of substance and expect a further bid to materialise in coming weeks."Investec has reiterated its 'buy' recommendation for engine maker Rolls-Royce, saying that the sale of its energy gas turbine and compressor business to Siemens is a "good deal"."Deal is positive, in our opinion. Rolls is selling a business that has struggled to achieve scale and cash will help fund acquisition of Daimler's 50% stake of Tognum," the broker said.Broker Shore Capital may downgrade profit forecasts for pub group JD Wetherspoon, but said any share weakness could be a buying opportunity.Shore, which has a 'hold' recommendation on the shares, said it could reduce 2014 annual pre-tax profit expectations of £79.6m by up to £2m, but pointed to pub openings as a potential source of future earnings.UBS has upgraded its rating for Balfour Beatty from 'sell' to 'neutral' following the sharp sell-off of the infrastructure services stock after a profit warning on Tuesday. "Following the 20% share price correction following the profit warning/strategic review, we cut our price target by 13% to 225p and upgrade to 'neutral' on limited valuation downside." However, the bank said that "material uncertainties" still remain.BC