Bank of Nova Scotia (TSE:BNS) Rating Lowered to “Neutral” at Bank of America

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday,BayStreet.CA reports. They currently have a C$70.00 target price on the bank’s stock, down from their previous target price of C$82.00. Bank of America‘s price objective points to a potential upside of 2.88% from the stock’s current price.

A number of other equities analysts have also recently weighed in on BNS. Royal Bank of Canada decreased their price target on Bank of Nova Scotia from C$83.00 to C$81.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Jefferies Financial Group dropped their price target on shares of Bank of Nova Scotia from C$81.00 to C$77.00 in a research note on Tuesday, February 18th. Accountability Research set a C$82.00 target price on Bank of Nova Scotia and gave the stock a “buy” rating in a report on Thursday, January 9th. TD Securities set a C$81.00 target price on shares of Bank of Nova Scotia and gave the company a “buy” rating in a research note on Tuesday, March 4th. Finally, CIBC decreased their target price on Bank of Nova Scotia from C$81.00 to C$75.00 in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of C$76.73.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock traded down C$0.32 during mid-day trading on Monday, hitting C$68.04. 4,708,930 shares of the company were exchanged, compared to its average volume of 4,796,226. The business’s 50 day simple moving average is C$71.54 and its two-hundred day simple moving average is C$73.68. The company has a market capitalization of C$83.38 billion, a P/E ratio of 10.75, a PEG ratio of 1.33 and a beta of 0.97. Bank of Nova Scotia has a 12-month low of C$60.68 and a 12-month 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.