Scotiabank hit by wave of downgrades after earnings fall short

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 seven per cent over two days — its biggest plunge since March 2020.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

“Most concerning was the bank’s international banking segment, which had an underwhelming top-line that drove a modest sequential decline in pre-tax, pre-provision earnings,” KBW analyst Mike Rizvanovic said in a note. “While we continue to have a positive view on the longer-term growth potential of the LatAm business, which is poised for a stronger 2023, we believe the less robust near-term outlook for International limits Scotiabank’s upside relative to peers for the time being.

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Scotiabank hit by wave of downgrades after earnings fall shortSends share price to worst drop since the pandemic ravaged markets My heart goes out to the execs who will receive slightly fewer millions in bonuses.
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