HSBC downgrades Grab Holdings on valuation after rally

Group 1 - HSBC downgraded Grab Holdings (GRAB) to Hold from Buy with a price target of $6.20, an increase from the previous target of $6 [1] - The downgrade follows a 30% rally in Grab's stock from last month's low, indicating a potential pause in momentum [1] - Despite the downgrade, Grab's growth levers remain intact, and the company is expected to continue strengthening its leadership position in the market [1]