The Globe and Mail reports in its Thursday, March 5, edition that Bank of Nova Scotia's ($65.17) first quarter earnings per share of $1.35 fell short of UBS Securities analyst Brennan Hawken's estimate of $1.42. The Globe's David Kennedy writes in the Eye On Equities column that Mr. Hawken is maintaining his "neutral" rating, but adjusting his expectations. Though encouraged by expenses matching expectations and operating leverage improving year over year, Mr. Hawken is lowering his 2015 earnings-per-share estimate by 4 per cent to $5.60 from $5.84 "on the back of a lukewarm start" to 2015. The analyst also lowered his price target on Scotiabank to $68 from $71. Analysts on average target the shares at $70.44. Credit Suisse analyst Kevin Choquette cut Scotiabank to "neutral" in the Eye column on Aug. 28, 2014. The shares were then worth $72.35. RBC Dominion Securities analyst Darko Mihelic downgraded Bank of Nova Scotia to "sector perform" from "outperform" and cut his target to $71 from $77 in the Eye column on Nov. 6, 2014. The shares were then worth $67.34. The Globe's Michael Bowman was bullish on Scotiabank in the Number Cruncher column on Feb. 4, 2015. The shares could then be had for $63.84.