Scotiabank price target lowered to C$62 from C$68 at RBC Capital

RBC Capital lowered the firm’s price target on Scotiabank to C$62 from C$68 and keeps a Sector Perform rating on the shares. The company’s Q4 results were weaker than we expected, reflecting larger than expected performing PCLs and weakness in revenues, the analyst tells investors in a research note. The build in provision for credit losses may also suggest the beginning of a more conservative stance on reserves, which is a “positive” during a more challenging economic environment, the firm added.