UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on The Bank of Nova Scotia Following Good Q3/13 Report

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In a report published Wednesday, BMO Capital Markets analyst John Reucassel reiterated an Outperform rating on
The Bank of Nova ScotiaBNS
, but lowered the price target from $67.00 to $65.00. In the report, BMO Capital Markets noted, “Scotiabank reported cash EPS of $1.39. Excluding unusuals, cash operating EPS were $1.32, up from $1.15 last year and ahead of the consensus estimate of $1.30. Scotia reported good results in its two highest multiple businesses – Canadian banking and Global Wealth – but results were overshadowed by concerns in International Banking. Q4/13 is expected to mirror Q3/13, suggesting that concerns on International Banking could linger for at least another quarter. We believe these concerns are overdone given the dividend increase, good operating track record in international markets, growth opportunities outside of International Banking and strong credit performance.” The Bank of Nova Scotia closed on Tuesday at $55.06.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBMO Capital MarketsJohn Reucassel
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