CIBC Downgrades Bank of Nova Scotia (TSE:BNS) to Neutral

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

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating and boosted their target price for the stock from C$71.00 to C$84.00 in a research report on Tuesday, November 19th. Accountability Research set a C$82.00 target price on Bank of Nova Scotia and gave the stock a “buy” rating in a research report on Thursday, January 9th. BMO Capital Markets boosted their price target on Bank of Nova Scotia from C$72.00 to C$84.00 in a research note on Monday, November 18th. Royal Bank of Canada boosted their price target on Bank of Nova Scotia from C$74.00 to C$83.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group decreased their price target on Bank of Nova Scotia from C$81.00 to C$77.00 in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$78.33.

Bank of Nova Scotia Stock Down 0.3 %

BNS stock traded down C$0.24 during trading on Tuesday, hitting C$72.35. The company had a trading volume of 956,675 shares, compared to its average volume of 4,536,920. The firm has a 50-day moving average price of C$75.24 and a 200-day moving average price of C$72.59. Bank of Nova Scotia has a 1-year low of C$60.68 and a 1-year high of C$80.14. The firm has a market cap of C$88.66 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97.

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.