Scotiabank upgraded to Buy at TD Cowen on expected ROE improvement

As previously reported, TD Cowen analyst Mario Mendonca upgraded Scotiabank (BNS) to Buy from Hold with an C$80 price target The firm, which believes ROE is “among the most important financial metrics in the banking sector,” expects relative ROE improvement to influence relative performance over the next two years. The firm expects Scotiabank to deliver the best ROE improvement among the group, supported by net interest margin, expense management, business mix, and the Keycorp transaction, the analyst tells investors.