TD Newcrest Upgrades Bank of Nova Scotia (BNS) to Action List Buy; Attractive Entry Point
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Price: $45.95 -1.82%
Rating Summary:
6 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
Rating Summary:
6 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
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TD Newcrest upgraded Bank of Nova Scotia (NYSE: BNS) from Buy to Action List Buy with a price target of C$68.00.
TD analyst says, "This is consistent with our view that investors should focus on owning high-quality banking franchises with defined and demonstrated growth prospects. On this basis, we continue to believe that Scotiabank is one of the best in the group. Following a spate of underperformance and the bank’s recent equity issue (which, in our view, eliminates any perceived capital issues), we believe that now is a very attractive entry point in the name. Further, in our view, valuations are reasonably attractive on an absolute and relative basis. We are not looking for a particularly remarkable quarter (reporting March 6, 2012), but it should demonstrate continued good progress in the bank's core business. All in, we believe that the stock offers the best return prospects in the group over the coming 12-16 months, with a Total Return of 30%+."
TD lowers FY12/13 EPS estimate by $0.10 each, to $4.70 and $5.30, respectively.
For an analyst ratings summary and ratings history on Bank of Nova Scotia click here. For more ratings news on Bank of Nova Scotia click here.
Shares of Bank of Nova Scotia closed at $52.52 yesterday.
TD analyst says, "This is consistent with our view that investors should focus on owning high-quality banking franchises with defined and demonstrated growth prospects. On this basis, we continue to believe that Scotiabank is one of the best in the group. Following a spate of underperformance and the bank’s recent equity issue (which, in our view, eliminates any perceived capital issues), we believe that now is a very attractive entry point in the name. Further, in our view, valuations are reasonably attractive on an absolute and relative basis. We are not looking for a particularly remarkable quarter (reporting March 6, 2012), but it should demonstrate continued good progress in the bank's core business. All in, we believe that the stock offers the best return prospects in the group over the coming 12-16 months, with a Total Return of 30%+."
TD lowers FY12/13 EPS estimate by $0.10 each, to $4.70 and $5.30, respectively.
For an analyst ratings summary and ratings history on Bank of Nova Scotia click here. For more ratings news on Bank of Nova Scotia click here.
Shares of Bank of Nova Scotia closed at $52.52 yesterday.
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