RBC Capital raised the firm’s price target on Scotiabank (BNS) to C$97 from C$86 and keeps a Sector Perform rating on the shares. The company’s Q4 results were better than anticipated in GBM, Global Banking and Markets, partially offset by weaker than expected earnings in International Banking, the analyst tells investors in a research note. The stock’s valuation should be below the group average given lower returns with higher risk premia, RBC added.
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