Bank of Nova Scotia (TSE:BNS) Raised to "Buy" at Canaccord Genuity Group

Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS was upgraded by stock analysts at Canaccord Genuity Group from a "hold" rating to a "buy" rating in a research note issued on Tuesday,BayStreet.CA reports. The brokerage currently has a C$84.00 target price on the bank's stock, up from their previous target price of C$71.00. Canaccord Genuity Group's price objective would suggest a potential upside of 7.40% from the stock's previous close.

Other analysts have also recently issued reports about the stock. CIBC upgraded shares of Bank of Nova Scotia from a "neutral" rating to an "outperform" rating and raised their target price for the stock from C$78.00 to C$82.00 in a report on Friday, September 20th. TD Securities raised their price objective on shares of Bank of Nova Scotia from C$80.00 to C$82.00 in a research note on Friday. BMO Capital Markets raised their price objective on shares of Bank of Nova Scotia from C$72.00 to C$84.00 in a research note on Monday. Royal Bank of Canada raised their price objective on shares of Bank of Nova Scotia from C$62.00 to C$65.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 28th. Finally, Jefferies Financial Group raised their price objective on shares of Bank of Nova Scotia from C$65.00 to C$69.00 and gave the stock a "hold" rating in a research note on Wednesday, August 28th. Eight analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of C$73.75.

Bank of Nova Scotia Stock Performance

Shares of TSE:BNS traded up C$0.78 during trading hours on Tuesday, hitting C$78.21. The stock had a trading volume of 1,542,500 shares, compared to its average volume of 4,256,993. The stock's fifty day simple moving average is C$72.71 and its 200 day simple moving average is C$67.19. Bank of Nova Scotia has a 1-year low of C$56.83 and a 1-year high of C$78.58. The firm has a market capitalization of C$96.98 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.33 and a beta of 0.97.

Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS last posted its quarterly earnings data on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$1.63. The business had revenue of C$8.36 billion during the quarter, compared to analysts' expectations of C$8.50 billion. Bank of Nova Scotia had a net margin of 25.38% and a return on equity of 9.49%. As a group, research analysts anticipate that Bank of Nova Scotia will post 7.1286267 EPS for the current year.

Bank of Nova Scotia Company Profile

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.

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