Inside the Market’s roundup of some of today’s key analyst actions
Scotia’s Meny Grauman lowered BMO to “sector perform” from “sector outperform” with a $112 target, down from $123, while TD Cowen’s Mario Mendonca moved his recommendation to “hold” from a “buy” with a $114 target, down from $130. The average target on the Street is currently $122.06, according to LSEG data.* National Bank’s Gabriel Dechaine to $127 from $131 with an “outperform” rating.
Scotia reported adjusted earnings per share of $1.63, a penny below Mr. Mihelic’s estimate but 1 cent above the consensus expectation. He attributed the difference to a $465-million loss in its Corporate segment . That led him to bump his target for Scotia shares to $65 from $62, keeping a “sector perform” recommendation. The average target is currently $68.
The Department of Justice, which oversees the DEA, said Attorney General Merrick Garland recommended cannabis be reclassified as a Schedule three drug instead of Schedule one earlier this year. Schedule one is reserved for drugs with a high potential for abuse and no accepted medical use. “We believe a Harris administration would likely continue with the Rescheduling process started under President Biden, noting Harris’s supportive comments as Vice President and the language in the renewed Democrat National Committee platform. A Trump administration is more likely to frustrate Rescheduling if still in progress, in our view, though we note that the former President has recently made some remarks that may suggest growing support for deregulation.
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