RBC Capital Raises Price Target For Its Favorite "Risk On" Bank Stock

RBC Capital analyst Darko Mihelic raised the price target for Bank of Nova Scotia BNS BNS to C$94 from C$93.

The analyst maintained the Outperform rating on the shares.

Mihelic states that the 2Q22 results were promising as both International and Canada P&C had better than expected results.

Impairments and write-offs remained low and the only concern on credit is that BNS has the least amount of pandemic reserves left to reverse back into earnings/capital, added the analyst.

Mihelic says that the International P&C segment is key to the thesis; he continues to see improving NIMs and loan growth and solid underlying credit this quarter.

Price Action: BNS shares are trading higher by 0.98% at C$84.57 on TSX and 1.18% higher at $66.10 on NYSE on the last check Thursday.

Photo Via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorNewsPrice TargetReiterationAnalyst RatingsCanada
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!