Bank of America Upgrades Bank of Nova Scotia (TSE:BNS) to Buy

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Tuesday,BayStreet.CA reports. The brokerage presently has a C$90.00 price target on the bank’s stock, up from their previous price target of C$73.00. Bank of America‘s price objective would suggest a potential upside of 14.34% from the company’s current price.

Several other research firms have also commented on BNS. Cormark reduced their price target on shares of Bank of Nova Scotia from C$68.00 to C$65.00 and set a “market perform” rating for the company in a research report on Tuesday, August 20th. BMO Capital Markets increased their price target on Bank of Nova Scotia from C$72.00 to C$84.00 in a research note on Monday. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. Jefferies Financial Group raised their price target on Bank of Nova Scotia from C$65.00 to C$69.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Finally, TD Securities boosted their target price on Bank of Nova Scotia from C$80.00 to C$82.00 in a research report on Friday, November 15th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$74.75.

Bank of Nova Scotia Trading Up 0.4 %

Shares of BNS opened at C$78.71 on Tuesday. Bank of Nova Scotia has a 12-month low of C$56.83 and a 12-month high of C$78.99. The stock has a 50-day moving average price of C$73.12 and a 200-day moving average price of C$67.40. The company has a market cap of C$97.60 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last posted its earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, hitting the consensus estimate of C$1.63. The company had revenue of C$8.36 billion for the quarter, compared to analysts’ expectations of C$8.50 billion. Bank of Nova Scotia had a return on equity of 9.49% and a net margin of 25.38%. As a group, analysts predict that Bank of Nova Scotia will post 7.1286267 earnings per share for the current year.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.