Morgan Stanley released a research report saying that it maintained HSBC Holdings PLC's rating in line with the market and expected excellent results in the third quarter of this year. It also announced a US $2 billion share buyback and decided to raise its target price from HK $48 to HK $50. The bank said it raised its earnings per share forecasts for this year and next by 7.5 per cent and 4.2 per cent respectively, benefiting from credit impairment this year and the performance of net interest income in the UK. It also announced a $2 billion share buyback in the fourth quarter, and the bank expects a total of $3 billion in share buybacks next year and 2023. The bank noted that currency control's share price was supported by short-term factors, including a higher-than-expected share buyback and the expectation that the Bank of England would raise interest rates at its monetary policy meeting on November 4, both of which were significant short-term catalysts.