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Downgrade Alert for Bank of Nova Scotia (BNS)

By Amy Schwartz

Bank of Nova Scotia (NYSE:BNS) was downgraded from Outperform to Neutral at Macquarie today. The stock closed yesterday at $52.14 on volume of 1.4 million shares, above average daily volume of 778,000.

Bank of Nova Scotia (NYSE:BNS) is currently priced 2.3% above its average consensus analyst price target of $50.92. The stock should find initial support at its 50-day moving average (MA) of $47.86 and further support at its 200-day MA of $44.67.

In the past 52 weeks, Bank of Nova Scotia share prices have been bracketed by a low of $35.01 and a high of $55.65 and closed yesterday at $52.14, 49% above that low price. The 200-day and 50-day moving averages have moved 0.01% higher and 1.64% higher over the past week, respectively.

Bank of Nova Scotia provides retail, commercial, international, corporate, investment and private banking services and products.

SmarTrend recommended that subscribers consider buying shares of Bank of Nova Scotia on May 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.10. Since that recommendation, shares of Bank of Nova Scotia have risen 5.1%. We continue to monitor BNS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades bank of nova scotia

Ticker(s): BNS