Scotiabank
Scotiabank, the trade name of The Bank of Nova Scotia, is a Toronto-based Canadian bank whose Global Banking and Markets division publishes equity research on Canadian, U.S. and Latin American companies, with coverage weighted toward energy and mining.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 39312M
- Actions
- 1,60812M
- Ratings / Price targets
- 1,008 / 600
- Upgrades / Downgrades
- 65 / 49
- Initiations
- 25
- Buy-rated
- 55%of 373 rated
- Median upside
- +13.8%
- Targets raised / lowered
- 307 / 203
- On record
- Feb 2012 – Sep 2026
Overview
Scotiabank GBM issues recommendations on about 600 listed companies; more than half are energy (about 225) and mining (about 90) names, and 15 research professionals cover about 100 Latin American companies. It also publishes energy commodities research on crude oil, natural gas and petroleum products.
The bank was founded in Halifax, Nova Scotia, in 1832 and moved its head office to Toronto in 1900. It entered the securities business in 1988 by buying Toronto brokerage McLeod Young Weir, renamed ScotiaMcLeod. In 1999, its corporate banking and capital markets businesses were combined as Scotia Capital. In 2012, that division was renamed Global Banking and Markets, and the bank bought U.S. energy boutique Howard Weil. In 2024, Scotiabank completed its purchase of a 14.9% stake in KeyCorp.
Milestones
- 1832
Founded in Halifax, Nova Scotia
- 1900
Head office moves to Toronto
- 1988
Acquires Toronto brokerage McLeod Young Weir, later ScotiaMcLeod
- 1999
Wholesale businesses combined under the Scotia Capital banner
- 2012
Scotia Capital rebranded Global Banking and Markets; buys Howard Weil
- 2024
Completes purchase of 14.9% strategic stake in KeyCorp
Firm facts
- Legal name
- The Bank of Nova Scotia
- Type
- Full-service
- Founded
- 1832
- Headquarters
- Toronto, Canada
- Listing
- NYSE: BNS
- President and CEO, The Bank of Nova Scotia
- Scott Thomson
- Global Head of Equity Research
- Jeff Fan
- Rating scale
- Sector OutperformSector PerformSector Underperform12 months
- Also filed as
- ScotiaBank
- Website
- scotiabank.com
Research philosophy
We cultivate and uphold a culture and practice of independence, objectivity, and credibility.
Scotiabank's 2025 policy places Global Equity Research under independent supervision, outside its corporate and investment banking departments. It prohibits analysts from participating in investment-banking pitches and states that their pay is not based on corporate or investment-banking revenue. The firm also offers large- and small-cap model portfolios that combine rankings from its quantitative SQoRE model with analysts' fundamental recommendations.
Rating methodology
Stocks are rated Sector Outperform, Sector Perform or Sector Underperform relative to the analyst's coverage universe or a chosen index over 12 months; the Focus Stock rating was dropped in 2019.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Freeport-McMoRan Inc.FCX | Sector Outperform | $71 |
 Mid-America Apartment Communities, Inc.MAA | Sector Underperform | $125 |
 Targa Resources Corp.TRGP | Outperform | $314 |
 Verizon Communications Inc.VZ | Sector Outperform | $52.50 |
 CF Industries Holdings, Inc.CF | Outperform | $130 |
 Kinetik Holdings Inc.KNTK | Outperform | $58 |
 Nexa Resources S.A.NEXA | Sector Perform | $15 |
 SL Green Realty Corp.SLG | Sector Outperform | $59 |
 BXP, Inc.BXP | Outperform | $73 |
 Comcast CorporationCMCSA | Sector Perform | $29 |
Most active analysts
- Patrick Colville48 notesOKTACRWDQLYS
- Nicholas Yulico41 notesSLGFRBXP
- Paul Cheng29 notesDINODVNOXY
- Nat Schindler26 notesGOOGDUOLMETA
- Maher Yaghi23 notesVZCMCSAEQIX
- Tanya Jakusconek22 notesAUAEMBVN
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 18 | AYAYASF | Reiterate | Outperform | ||
| Sep 17 | CNCN | Reiterate | Sector Outperform | ||
| Sep 17 | WPW. P. Carey Inc.WPC | Target | $77 →$76 | Greg McGinniss | |
| Sep 17 | VNVornado Realty TrustVNO | Target | $41 →$39 | ||
| Sep 17 | VMEquity ResidentialVMRK | Target | $70 →$66 | ||
| Sep 17 | SPSimon Property Group, Inc.SPG | Target | $222 →$221 | ||
| Sep 17 | SL Green Realty Corp.SLG | Target | $60 →$59 | ||
| Sep 17 | RERegency Centers CorporationREG | Target | $76 →$81 | Nicholas Yulico | |
| Sep 17 | Mid-America Apartment Communities, Inc.MAA | Target | $134 →$125 | ||
| Sep 17 | LILineage, Inc.LINE | Target | $45 →$44 | ||
| Sep 17 | KRKilroy Realty CorporationKRC | Target | $41 →$39 | Nicholas Yulico | |
| Sep 17 | JAJanus Living, Inc.JAN | Target | $31 →$33 |