Scotiabank
The Bank of Nova Scotia
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.
Company history
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 brand became Global Banking and Markets and the bank bought U.S. energy boutique Howard Weil. It completed a 14.9% stake in KeyCorp in 2024.
- 1832Founded in Halifax, Nova Scotia
- 1900Head office moves to Toronto
- 1988Acquires Toronto brokerage McLeod Young Weir, later ScotiaMcLeod
- 1999Wholesale businesses combined under the Scotia Capital banner
- 2012Scotia Capital rebranded Global Banking and Markets; buys Howard Weil
- 2024Completes 14.9% strategic stake in KeyCorp
Research
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. 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
- Stocks
- 393
- Ratings
- 1,008
- Price targets
- 600
- Median upside
- +13.8%
- Upgrades
- 65
- Downgrades
- 49
- Initiations
- 25
- Reiterations
- 869
- Targets raised
- 307
- Targets cut
- 203
- Positive55%205
- Neutral43%159
- Negative2%9
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 FCXFreeport-McMoRan Inc. | Sector Outperform | $71 |
 MAAMid-America Apartment Communities, Inc. | Sector Underperform | $125 |
 TRGPTarga Resources Corp. | Outperform | $314 |
 VZVerizon Communications Inc. | Sector Outperform | $52.50 |
 CFCF Industries Holdings, Inc. | Outperform | $130 |
 KNTKKinetik Holdings Inc. | Outperform | $58 |
 NEXANexa Resources S.A. | Sector Perform | $15 |
 SLGSL Green Realty Corp. | Sector Outperform | $59 |
 BXPBXP, Inc. | Outperform | $73 |
 CMCSAComcast Corporation | Sector Perform | $29 |
Analysts24M
- Patrick ColvilleOKTA · CRWD · QLYS48
- Nicholas YulicoSLG · FR · BXP41
- Paul ChengDINO · DVN · OXY29
- Nat SchindlerGOOG · DUOL · META26
- Maher YaghiVZ · CMCSA · EQIX23
- Tanya JakusconekAU · AEM · BVN22
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| AYAYASF | Reiterate | Outperform | Sep 18 | |
| CNCN | Reiterate | Sector Outperform | Sep 17 | |
| WPW. P. Carey Inc.WPC | Target | $77 →$76 | 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 | 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 | Sep 17 | |
| JAJanus Living, Inc.JAN | Target | $31 →$33 | Sep 17 |
Similar coverage12M
References
- Scotiabank - Wikipediaen.wikipedia.org
- Services – Research and Market Commentary | Scotiabank Global Banking and Marketsgbm.scotiabank.com
- About – Our Story | Scotiabank Global Banking and Marketsgbm.scotiabank.com
- Scotiabank Closes Transaction to Buy U.S. Energy Investment Boutique Howard Weilprnewswire.com
- Scotiabank Global Equity Research report with rating definitions (2024)astsinvestors.com
- Personal-Trading Probe Led to Firing of Two Scotiabank Analysts - Mint (2026)livemint.com