UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Scotiabank
In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Bank of Nova Scotia (NYSE: BNS), and slightly raised its price target from $60.00 to $61.00.
BMO Capital noted, “We believe BNS reported solid results as the bank's franchises earned through unusually low securities gains, an increase in the collective provision, and modest contribution from International Banking. Domestic banking was very good supported by positive operating leverage and loan growth and Global Banking reported very strong trading results. While investors may be concerned about slower growth in International (assets grew at 19%versus 24% in the previous quarter) organic growth remained healthy at 13%, international results continue to build in Global Wealth and Global Banking, and there continue to be potential acquisition opportunities.”
Bank of Nova Scotia closed on Tuesday at $52.90.
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