Bank of Nova Scotia

BNS · TORONTO

$92.90−$0.51 (−0.55%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $93.41

BNS analyst rating

HoldConsensus of 1 analyst over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold1
Underperform0
Sell0

12-month price target · 15 analysts

Average $97.74 (+5.2% upside)

Low: $86.37
Now: $92.90
High: $113.74

Upgrades and downgrades

The latest rating actions, newest first

BNS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	May 28, 2026	Maintains	Sector Perform	$98.00 → $117.00	64%
RBC Capital	Feb 25, 2026	Maintains	Sector Perform	$97.00 → $106.00	64%
RBC Capital	Dec 3, 2025	Maintains	Sector Perform	$86.00 → $97.00	64%

The case for and against

Updated May 22, 2025

Bull case

The Bank of Nova Scotia (BNS) has demonstrated robust performance, particularly within its Global Banking and Markets (GBM) segment, which saw trading revenues increase approximately 61% quarter-over-quarter and 49% year-over-year. Furthermore, the bank's core earnings per share (EPS) are projected to grow around 5% in 2025, outpacing the peer average of 4%, indicating a positive outlook driven by strong operational execution and an improving personal and commercial banking market. Despite some fluctuations in credit card and personal loan delinquencies, management anticipates a significant recovery in transaction values, expected to nearly triple year-over-year in the fourth quarter, bolstering confidence in future revenue growth.

Bear case

The Bank of Nova Scotia is facing challenges with declining average loans, which decreased by approximately 3% year-over-year, indicating potential weakness in lending operations. Additionally, the bank's outlook for International Banking suggests lower earnings in 2025 due to unfavorable economic conditions in Latin America, including weaker currencies and slower growth. Furthermore, while the current valuation may appear attractive, the bank's projected return on equity (ROE) remains below the peer average, forecasting 11.3% compared to 12.5% for the group in 2025, underscoring a negative financial outlook.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.