Matthew Lee, an analyst from Canaccord Genuity, maintained the Buy rating on Bank Of Nova Scotia. The associated price target remains the same with C$98.00.
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Matthew Lee has given his Buy rating due to a combination of factors including the Bank of Nova Scotia’s strong financial performance and strategic positioning. The bank reported adjusted cash EPS that exceeded consensus estimates, indicating robust earnings growth. Additionally, total revenue saw a significant year-over-year increase, driven by outperforming segments such as International Banking, Wealth Management, and Global Banking and Markets.
Moreover, the bank’s efficiency ratios and net interest margins have shown improvement, reflecting effective cost management and higher business line margins. The bank’s capital position remains solid with a CET1 ratio in line with expectations, supporting its financial stability. These factors, along with a target valuation that presents a discount compared to the group average, underpin Lee’s positive outlook on the stock.
In another report released on November 26, UBS also maintained a Buy rating on the stock with a C$106.00 price target.