Scotiabank Hit by Wave of Downgrades After Earnings Fall Short

At least four analysts downgraded the Canadian bank’s shares
The bank saw its worst two-day plunge since March 2020

Analysts are ratcheting down their ratings on Bank of Nova Scotia after the country’s third-largest lender’s weak international banking results weighed on earnings, sending its share price to its worst drop since the pandemic ravaged markets. — Analysts are ratcheting down their ratings on Bank of Nova Scotia after the country’s third-largest lender’s weak international banking results weighed on earnings, sending its share price to its worst drop since the pandemic ravaged markets.
Photographer: Cole Burston/Bloomberg

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By Stefanie Marotta

August 24, 2022 at 5:34 PM UTC

This article is for subscribers only.

Analysts are ratcheting down their ratings on Bank of Nova Scotia after the country’s third-largest lender’s weak international banking results weighed on earnings, sending its share price to its worst drop since the pandemic ravaged markets.

At least four analysts downgraded their recommendations for the bank after its fiscal third-quarter revenue and profit came in below analyst expectations. The shares continued their slump Wednesday, extending their rout to more than 7% over two days -- its biggest plunge since March 2020.