Hargreaves says HSBC a 'core' sector investment despite 2013 profits at lower end

Most analysts´opinions on HSBC continue to point towards a 'buy' despite concerns of volatality in emerging markets and 2013 results having come in at the lower end of expectations, Hargreaves Lansdown noted on Monday.The broker commented on how some of management´s efficiency targets were missed, hit by ongoing UK customer redress, whils executives´ "irritation with the UK's banking levy looks to have been expressed"."On the upside, broad progress was made, with underlying pre-tax profit higher in three of its four global businesses. Costs continue to be cut and remain a firm focus, whilst expected long term trends, such as growing trade across the emerging markets, appears to support underlying management confidence," Hargreaves added.In that same vein, Hargreaves said the bank, which entered the 2008 credit crisis in better shape than most rivals, remained a "core sector investment"."In all, and despite the worry of emerging market exposure, analyst opinion currently points toward a 'buy'," Hargreaves said."A progressive dividend policy continues to be pursued, whilst the bank's avoidance of government ownership leaves it free of a major distraction compared to some rivals."FP