CCORF analyst Matthew Lee upgrades $Bank of Nova Scotia (BNS.US)$ to a buy rating, and adjusts the target price from $50.64 to $60.12.
According to TipRanks data, the analyst has a success rate of 58.6% and a total average return of 13.6% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Bank of Nova Scotia (BNS.US)$'s main analysts recently are as follows:
The turnaround effort at Scotiabank is seemingly undervalued, particularly the strategic shifts established by CEO Scott Thomson. Significant changes include overhauling the leadership with new hires, enhancing focus on franchise profitability, and adjusting capital allocation priorities toward Canada and the U.S. since his inauguration in early 2023.
Lower short-end rates are anticipated to positively influence net interest income trends and elevate Scotiabank's earnings growth. This financial progress instills greater confidence in a trajectory toward heightened return on equity, which might bolster the bank's valuation multiple and allow for potential expansion.
Note:
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