Is Buying 52-Week Stock Like Bank of Nova Scotia a Winning Strategy?

 Is Buying 52 Week Stock Like Bank of Nova Scotia a Winning Strategy?

The stock of Bank of Nova Scotia (TSE:BNS) hit a new 52-week high and has $79.00 target or 6.00% above today’s $74.53 share price. The 8 months bullish chart indicates low risk for the $90.57B company. The 1-year high was reported on Dec, 1 by If the $79.00 price target is reached, the company will be worth $5.43 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 205,332 shares traded hands. Bank of Nova Scotia (TSE:BNS) has risen 13.31% since April 27, 2016 and is uptrending. It has outperformed by 7.39% the S&P500.

Bank of Nova Scotia (TSE:BNS) Ratings Coverage

Out of 9 analysts covering Bank of Nova Scotia (TSE:BNS), 7 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 78% are positive. $78 is the highest target while $45 is the lowest. The $72.42 average target is -2.83% below today’s ($74.53) stock price. Bank of Nova Scotia has been the topic of 36 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The rating was maintained by IBC with “Sector Perform” on Monday, August 17. As per Wednesday, June 1, the company rating was maintained by RBC Capital Markets. Desjardins Securities upgraded Bank of Nova Scotia (TSE:BNS) on Friday, January 8 to “Buy” rating. The stock of Bank of Nova Scotia (TSE:BNS) has “Market Perform” rating given on Tuesday, August 18 by KBW. On Wednesday, September 21 the stock rating was maintained by Dundee Securities with “Buy”. The rating was maintained by RBC Capital Markets on Wednesday, August 31 with “Outperform”. On Tuesday, November 1 the stock rating was initiated by Bank of America with “Buy”. RBC Capital Markets maintained it with “Outperform” rating and $72 target price in Wednesday, December 2 report. The firm has “Sector Perform” rating given on Tuesday, August 4 by National Bank Canada.

More important recent Bank of Nova Scotia (TSE:BNS) news were published by: which released: “BRIEF-Bank of Nova Scotia posts Q4 earnings per share C$1.57” on November 29, 2016, also published article titled: “Scotiabank spurs optimism as big quarter caps bumpy year”, published: “Earnings Reaction History: Bank of Nova Scotia, 25.0% Follow-Through Indicator …” on November 29, 2016. More interesting news about Bank of Nova Scotia (TSE:BNS) was released by: and their article: “Bank of Nova Scotia Offers the Best Growth Potential of Canada’s Banks” with publication date: November 15, 2016.

The Bank of Nova Scotia is an international bank and a financial services well-known provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The company has a market cap of $90.57 billion. The Company’s divisions include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other. It has a 12.92 P/E ratio. The Bank offers range of advice, services and products, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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