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

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Monday,BayStreet.CA reports. They presently 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 target price indicates a potential upside of 2.88% from the company’s previous close.

A number of other brokerages have also recently weighed in on BNS. CIBC decreased their price target on shares of Bank of Nova Scotia from C$81.00 to C$75.00 in a research note on Wednesday, March 5th. Jefferies Financial Group lowered their target price on Bank of Nova Scotia from C$81.00 to C$77.00 in a research note on Tuesday, February 18th. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Accountability Research set a C$82.00 target price on shares of Bank of Nova Scotia and gave the company a “buy” rating in a report on Thursday, January 9th. Finally, Royal Bank of Canada dropped their target price on Bank of Nova Scotia from C$83.00 to C$81.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Hold” and a consensus price target of C$76.73.

Bank of Nova Scotia Stock Performance

Shares of BNS stock traded down C$0.32 during mid-day trading on Monday, hitting C$68.04. 4,708,930 shares of the stock were exchanged, compared to its average volume of 4,796,226. Bank of Nova Scotia has a 12-month low of C$60.68 and a 12-month high of C$80.14. The stock has a market capitalization of C$83.38 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.33 and a beta of 0.97. The stock’s fifty day simple moving average is C$71.54 and its two-hundred day simple moving average is C$73.68.

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.