CIBC analyst Paul Holden downgraded Scotiabank (BNS) to Neutral from Outperformer with a price target of C$81, down from C$84. While still positive on bottom-up fundamentals based on expectations for net interest margin expansion, realization of operating efficiencies and capital optimization, the firm changed its top-down call and view on credit risk, as Scotiabank could be more significantly impacted than peers in a tariff scenario, the analyst tells investors in a preview note for the Canadian banks.
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