Scotiabank (TSE: BNS) (NYSE: BNS) announced Tuesday a C$900,000 donation to Habitat for Humanity Canada’s Every Youth Initiative.
This national program provides work experience for youth, including at-risk youth, as part of Scotiabank’s goal to remove barriers to career advancement for underrepresented groups.
Scotiabank’s donation will help Habitat for Humanity Canada engage more young people, including at-risk youth and Indigenous youth, to gain hands-on training and gain skills-building experience.
Scotiabank’s partnership with Habitat Canada is an initiative of ScotiaRISE, the bank’s 10-year, C$500-million initiative to promote economic resilience among disadvantaged groups.
Management Commentary
“We are proud to support Habitat for Humanity Canada in helping deliver life-changing educational experiences to youth,” says Meigan Terry, Senior Vice President and Chief Social Impact, Sustainability and Communications Officer at Scotiabank.
“Getting young people involved in valuable work experiences helps develop important foundational skills and values and motivates them to establish meaningful careers.”
Wall Street’s Take
On February 17, Stifel analyst Mike Rizvanovic initiated coverage of BNS with a Buy rating and C$104 price target. This implies 13.9% upside potential.
Rizvanovic said in a research note that after a “challenging downturn,” Scotiabank should build on its strong recovery over the past year and report earnings growth in the 6% range over the next two years. The analyst’s forecasts are modestly above consensus estimates for both fiscal 2022 and 2023.
The rest of the Street is bullish on BNS with a Strong Buy consensus rating based on six Buys and one Hold. The average Bank of Nova Scotia price target of C$99.21 implies 8.6% upside potential to current levels.
TipRanks’ Smart Score
BNS scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns have strong chances to beat the overall market.
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