In a research report, Credit Suisse said the Hang Seng Index delivered a lacklustre performance in December, trimming December turnover by 34% on year and therefore reduced its target price for Hong Kong Exchanges and Clearing (HKG:0388) (HKEx) from HK$105 to HK$100. The brokerage firm also slashed its earnings forecast for the company for 2011 and 2012 by 4% to HK$4.41 and HK$4.51 respectively with its "Underperform" rating unchanged.