Broker tips: HSBC, Standard Chartered, Man Group, Ferrexpo

UBS has cuts its target prices on the Asian-exposed banks HSBC and Standard Chartered, but it is concerns in Europe rather than Asia that concern the broker in both cases.It lowers its target price on HSBC to 530p from 545p, while keeping its "neutral" rating on the bank, after shaving its earnings forecasts "to reflect further falls in risk-free rates and the likely knock-on to corporate and retail customers' behaviour from the Eurozone fiscal and banking crisis currently underway."More seriously, UBS slashes its target price on Standard Chartered to 1,600p from 1,830p, yet keeps its "buy" rating on the stock."The funding challenges afflicting Eurozone banks described in Here we go again, 16 September 2011 (a UBS note) are likely driving inflows into what is widely viewed as a safe haven bank," UBS says.However, it adds: "But the GDP effects of a banking crisis are typically large, as companies shift from expansion to cash conservation and the inventory RBS has lowered its rating and target price on Man Group after the hedge fund manager's poorly received trading statement yesterday."RBS has lowered its rating and target price on Man Group after the hedge fund manager's poorly received trading statement yesterday.It now has a "hold" rating having previously had a "buy" stance and the target price falls to 205p from 282p."Substantial inflows in 1Q followed by substantial outflows in 2Q reveal how volatile the operating environment is for asset managers," RBS says."We remain strong believers in AHL (Man's flagship fund) as a proposition to customers and as a performance fee generator."RBS sees Man Group trading at around 12 times earnings on management fee profit.Credit Suisse has initiated coverage on the iron ore producer Ferrexpo with an "underperform" rating, saying it sees strong growth from the sector but pointing to the strong performance of Ferrexpo's share price lately.It has a 380p target price on the stock.It notes that Ferrexpo "is one of the few pure-play iron ore producers listed in Europe aiming to double volumes by 2016" but then addsthat it has outperformed most of its European steel and mining peers. "Should the growth outlook stabilise, we see better relative value elsewhere in the sector; and should the steel cycle turn down, iron ore and China would not be immune and we believe other companies will offer more defensive qualities," he said."We see some near-term downside risk to iron ore prices and we await a more attractive entry point."Credit Suisse expects margins to come under pressure at Ferrexpo at some point. While this may be later offset by volume growth, the upturn in production in 2014-16 could come too late for the iron ore "purple patch" Credit Suisse fears.