Bank of Nova Scotia (BNS), the Financial sector company was revisited on November 15, and remains undervalued for at least one analyst on the street. Analyst Mario Mendonca from TD Securities remains bullish on the stock and has a C$88 price target.
According to TipRanks.com, Mendonca is a 3-star analyst with an average return of 1.1% and a 46.7% success rate. Mendonca covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and Royal Bank Of Canada.
Currently, the analyst consensus on Bank of Nova Scotia is a Moderate Buy with an average price target of C$84.70, representing a 19.4% upside. In a report issued on November 6, Desjardins also reiterated a Buy rating on the stock with a C$85 price target.
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Based on Bank of Nova Scotia’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of C$10.37 billion and net profit of C$1.98 billion. In comparison, last year the company earned revenue of C$9.6 billion and had a net profit of C$2.02 billion.
Bank of Nova Scotia is a financial services institution, which engages in the provision of financial products and services to retail, commercial, and corporate customers. It operates through the following business segments: Canadian Banking, International Banking, Global Banking and Markets, and Other. The Other segment includes small business segments.
The company’s shares closed on Monday at C$70.95, close to its 52-week low of C$69.01.
