HSBC, who released their Q1 interim management statement recently are now a target price 800p with some analysts.

HSBC Holdings shares have fallen 5.17 pct over the last 52 weeks and with some good news on the horizon, Nomura reckons there is some 'sound longer term value' in the group 'that is strategically well positioned in the Far East'.

With a 'bullish' rating on the sector, the Japanese investment bank currently has a price target of 800p, although admits that momentum 'may be limited'.

"Relatively limited momentum in revenue and pre impairment profits in on-going businesses." said Robert Law, analyst, "This requires US rate rises."

"We estimate normalised Earnings per share around 98." he adds.

Standard Chartered, which has an emerging markets focus has taken some of the limelight away from HSBC - and Laws admits that Chartered has stronger momentum in its Asian businesses.

However, he does also point out that recent fall in markets have left many large European banks at a discount to book val

"With HSBC proving to be the 'canary in the mine' regarding over-indebted US consumers, a move into profit for its US business marks a defining positive. As with RBS, economic recovery is lifting many previously underwater debt positions to something more sustainable, with the group's exposure to more growth orientated Emerging Markets providing it with additional and ironically, more trusted growth." said Keith Bowman, Hargreaves Lansdown Stockbrokers.

"On the downside, the group's Middle Eastern operations are continuing to provide drag, whilst the Greek debt crisis is beginning to cast a shadow over sustainability for global economic recovery – the driver of improving banking trends. More specifically, concerns that China will hit the economic brakes too hard also continue to undermine investor sentiment.

"In all, the results continue to mark an improving trend, although current market events point to the increased uncertainties which both banks and investors in general now face. For now, market consensus opinion currently denotes a buy."