Scotiabank initiated with an Outperform at Raymond James

Raymond James initiated coverage of Scotiabank (BNS) with an Outperform rating and C$108 price target Scotiabank’s recent results point to “a number of encouraging developments” under new management after several years of relative underperformance, the analyst tells investors. With valuation still lagging peers, the firm sees potential for Scotiabank’s multiple to expand as the ROE improves, the analyst added.