Bank of Nova Scotia (BNS) Gets a Buy Rating from Barclays

By Jason Carr

On May 28, an analyst has provided a rating update for Bank of Nova Scotia (BNSResearch Report). Analyst John Aiken from Barclays remains bullish on the stock and has a C$78 price target.

According to TipRanks.com, Aiken is a 1-star analyst with an average return of -1.3% and a 42.6% success rate. Aiken covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.

Bank of Nova Scotia has an analyst consensus of Moderate Buy, with a price target consensus of C$77, implying a 10.2% upside from current levels. In a report released yesterday, BMO Capital also reiterated a Buy rating on the stock with a C$80 price target.

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Based on Bank of Nova Scotia’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of C$11.37 billion and net profit of C$2.14 billion. In comparison, last year the company earned revenue of C$9.74 billion and had a net profit of C$2.11 billion.

Bank of Nova Scotia engages in the provision of financial products and services, including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Banking and Markets, and Other.

The company’s shares closed on Wednesday at C$69.85.