The Globe and Mail reports in its Wednesday, May 24, edition that Barclays analyst John Aiken says the decline in valuations of Canadian banks amid housing concerns is overdone. The Globe's David Leeder writes in the Eye On Equities column that in a research note previewing second quarter earnings season, Mr. Aiken upgraded his rating for Bank of Nova Scotia ($76.17) to "overweight" from "equal weight" with an $84 target, up from $78. Analysts on average target the shares at $83.85. Mr. Aiken says in a note: "Although Scotia's shares have been strong relative performers, we believe that upside is still available as it is still only trading at a market multiple. Further, we continue to see stronger growth upside available to Scotia from its Latin American operations, which would serve to not only increase earnings on a relative basis but serve as an impetus for multiple expansion." CIBC analyst Robert Sedran kept Scotiabank at "sector performer" in the Eye column on Nov. 17, 2016. It was then worth $70.61. He boosted Scotiabank to "outperformer" from "neutral" in the Eye column on March 8, 2017. In the item, Mr. Sedran hiked his share target to $86 from $83. Scotiabank shares were then worth $79.99.