CIBC World Markets Downgrades Bank of Nova Scotia to "Hold" Rating

Bank of Nova Scotia (TSE:BNS - Get Free Report), also listed on the NYSE as BNS, has recently been the subject of an updated rating from investment analysts at CIBC World Markets. On Tuesday, they downgraded the bank's status from a "strong-buy" to a "hold" rating, as reported by Zacks.com.

Since this change, several other financial analysts have weighed in on the stock's outlook. For example, TD Securities revised their price target for Bank of Nova Scotia from C$82.00 down to C$81.00, while maintaining a "buy" rating, as noted in a report dated December 4th. Additionally, Jefferies Financial Group adjusted their price target down from C$81.00 to C$77.00.

Further changes came from the Royal Bank of Canada, which increased their price target for the bank from C$74.00 to C$83.00, giving it a "sector perform" rating. Accountability Research set a price target of C$82.00 and endorsed a "buy" rating for the bank in a report released on January 9th. Meanwhile, UBS Group upgraded Bank of Nova Scotia from a "hold" rating to a "strong-buy" in their analysis dated November 18th.

Currently, nine analysts have rated the stock as a hold, four as a buy, and one has issued a strong buy recommendation, according to MarketBeat. This leads to a consensus rating of "Hold" with an average price target set at C$78.33.

Current Performance of Bank of Nova Scotia Stock

On Tuesday, Bank of Nova Scotia's shares opened at C$72.40. Over the past year, the stock has seen a low of C$60.68 and a high of C$80.14. The bank's performance is reflected in its 50-day moving average, which is C$74.97, and its 200-day moving average at C$72.59. With a market capitalization of C$88.72 billion, it has a P/E ratio of 11.44, a PEG ratio of 1.33, and a beta value of 0.97.

Overview of Bank of Nova Scotia

The Bank of Nova Scotia, also known as Scotiabank, offers a range of banking products and services across various regions. These services are available in Canada, the United States, Mexico, and additional countries in South America, the Caribbean, and Central America. The bank operates through distinct segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

Market Insights

This recent downgrade and the mixed responses from analysts indicate a cautious sentiment surrounding the stock, despite its previous optimistic outlook. Investors may wish to consider these insights when making decisions about investment in Bank of Nova Scotia.

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