Both of those stocks, along with Canadian Imperial Bank of Commerce, have buy recommendations from Chan. He has given the National Bank of Canada, Toronto-Dominion Bank, and Royal Bank of Canada hold ratings.
Continual worries about how its international business will fare, particularly during the pandemic, have caused Bank of Nova Scotia’s stock to trade near its lowest level since early 2021. Recent results from the bank didn’t allay those worries, as that business line’s non-interest income and net interest margin shrank, leading to several analyst downgrades.
By the end of trading on Wednesday, Bank of Nova Scotia’s stock had increased 0.98% since March 2020.
The Big Six, Canadian Western Bank, Laurentian Bank of Canada, EQB Inc., and Home Capital Group Inc. are all part of the TSX banks industry group, which increased by 20.16% during that same period.
