BofA raised the firm’s price target on Scotiabank (BNS) to C$71 from C$70 and keeps a Neutral rating on the shares. The cyclical rebound for the Canadian economy expected at the start of the year has been upended with a weak housing market and weak private sector job growth, the analyst tells investors in a research note. The firm, which noted that this will likely delay a peak in the credit cycle in 2H25, added that potential for policy actions from the new Carney administration combined with cooling trade tensions with the U.S. could lift sentiment on the growth outlook.

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