Shares of BOC Hong Kong surged 5.14% during intraday trading on Tuesday, following the release of positive analyst reports and better-than-expected financial results from the bank.

The price movement appears to be driven by research notes from major financial institutions. Bank of America Securities raised its target price for BOC Hong Kong from HK$38.5 to HK$40, while UBS increased its target from HK$40 to HK$43.5. Both firms maintained "Neutral" ratings but acknowledged the company's strong performance.

The analyst actions came after BOC Hong Kong reported a 4.9% year-on-year increase in net profit for the last year, exceeding market expectations. The bank's core profit rose by 9.4%, and its performance was supported by strong net interest income and net interest margin expansion.