UPDATE: Canaccord Genuity Upgrades Bank of Nova Scotia

According to a research report published this morning, Canaccord Genuity has upgraded Bank of Nova Scotia BNS from Hold to Buy. In the report, Canaccord Genuity said, "BNS reported Q2/12 core cash EPS of $1.18 (up 3% YoY) versus our estimate and consensus of $1.12 and $1.15, respectively. Relative to our estimate, revenue was higher than expected with NII (supported by the Colombia deal) and trading revenue coming in above our forecast. PCLs were lower than expected, but this was offset by higher expenses." The Bank of Nova Scotia closed yesterday at $50.84.