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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