Scotiabank’s shares advanced 7.2% on Wednesday after the Canadian lender posted third-quarter revenue and earnings that exceeded market expectations, prompting multiple analyst upgrades.
Keefe, Bruyette & Woods raised its price target on Bank of Nova Scotia to C$152.00 from C$148.00, while maintaining an Outperform rating. The firm cited strong capital markets performance and continued balance-sheet rebalancing as key drivers behind the stock’s momentum. Scotiabank also achieved its fiscal 2027 return on equity target of 14%, with its Canadian banking division reporting a 350-basis-point improvement in ROE compared with the prior quarter.
National Bank Financial upgraded Scotiabank’s rating from Sector Perform to Outperform and lifted its target to C$142.00 from C$128.00. The lender reported diluted earnings per share of C$2.28 and revenue of C$10.54 billion for the quarter, according to data cited by InvestingPro. The stock was trading near a 52-week high of US$93.44 and last stood at US$94.71.
Analysts highlighted the bank’s international operations as a consistent growth area, with results aligning with estimates. They also pointed to improving ROE in Canadian banking and expanding product momentum in capital markets as factors expected to support sustained outperformance. Over the past year, Scotiabank’s shares have delivered a total return of 58%, according to InvestingPro data.
Scotiabank, listed as TSE:BNS and also traded under the ticker BNS, has seen its stock price reflect strong operational execution and market confidence in its strategic positioning.
