The Globe and Mail reports in its Thursday, May 30, edition that though Bank of Nova Scotia ($69.85) sustained a "noisy" second quarter, Credit Suisse analyst Mike Rizvanovic expects a better second half. The Globe's David Leeder writes in the Eye On Equities column that Mr. Rizvanovic continues to rate the shares "outperform." Mr. Rizvanovic trimmed his share target by a loonie to $77. Analysts on average target the shares at $77.62. Mr. Rizvanovic says in a note: "The largest variance in Q2 was a sizable loss in the always-nebulous segment (a loss of 5 cents per share) due to various factors, some of which are expected to moderate in the near-term. Canadian P&C Banking was two cents per share weaker than our forecast, Global Banking & Markets was modestly better (two cents per share), Canadian Wealth was in line, while International banking missed by three cents per share. We have reduced our fiscal 2020 estimated EPS by 1.2 per cent, largely to reflect weaker growth in Canadian P&C Banking and higher losses." Mr. Rizvanovic sees "limited relative downside for the stock." Elsewhere, Desjardins Securities analyst Doug Young maintained a "buy" rating and $81 share target.
© 2019 Canjex Publishing Ltd. All rights reserved.