Bank of Nova Scotia (TSE:BNS) Downgraded by CIBC to “Neutral”

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) was downgraded by equities researchers at CIBC from an “outperform” rating to a “neutral” rating in a note issued to investors on Tuesday,BayStreet.CA reports. They currently have a C$81.00 price objective on the bank’s stock, down from their prior price objective of C$84.00. CIBC’s target price suggests a potential upside of 11.96% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating and lifted their price target for the company from C$73.00 to C$90.00 in a report on Tuesday, November 19th. Royal Bank of Canada lifted their price target on Bank of Nova Scotia from C$74.00 to C$83.00 and gave the company a “sector perform” rating in a report on Wednesday, January 8th. TD Securities cut their price target on Bank of Nova Scotia from C$82.00 to C$81.00 and set a “buy” rating on the stock in a report on Wednesday, December 4th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating and lifted their price target for the company from C$71.00 to C$84.00 in a report on Tuesday, November 19th. Finally, UBS Group raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$78.33.

Bank of Nova Scotia Stock Down 0.3 %

BNS stock traded down C$0.24 during midday trading on Tuesday, reaching C$72.35. The company had a trading volume of 956,675 shares, compared to its average volume of 4,536,920. The stock has a 50 day moving average price of C$75.24 and a 200 day moving average price of C$72.59. The firm has a market capitalization of C$88.66 billion, a PE ratio of 11.43, a P/E/G ratio of 1.33 and a beta of 0.97. Bank of Nova Scotia has a fifty-two week low of C$60.68 and a fifty-two week high of C$80.14.

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.