Scotiabank
Upgrade grade
D
Downgrade grade
D
Scotiabank, officially the Bank of Nova Scotia, was founded in 1832 and has grown into one of Canada's leading financial institutions with a significant global presence spanning the Americas, Europe, and Asia. The firm operates substantial investment banking and equity research divisions that serve institutional clients worldwide, with their US equities team having issued approximately 2,373 analyst ratings calls across a diverse range of companies. Scotiabank's research is particularly well-regarded in the energy, financials, and materials sectors, reflecting both their Canadian heritage and deep expertise in resource-dependent economies, though their coverage extends broadly across technology, healthcare, and consumer discretionary industries. The bank is known for maintaining a rigorous, macro-focused research culture that emphasizes commodity cycle analysis and currency dynamics, giving their analysts a distinctive edge in understanding companies sensitive to global economic conditions and commodity price movements.
Upgrades
282
68.44% win rate
· avg +1.44% D1
Downgrades
304
67.76% win rate
· avg -1.83% D1
Avg Gap — Upgrades
+1.48%
open vs prev close
Avg Gap — Downgrades
-1.74%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Energy | 61.64% (73) | +0.83% | 65.63% (96) | -0.98% |
| Basic Materials | 75.00% (60) | +1.58% | 74.58% (59) | -2.48% |
| Real Estate | 58.70% (46) | +0.75% | 70.00% (40) | -0.97% |
| Communication Services | 59.09% (22) | +0.73% | 66.67% (27) | -0.90% |
| Utilities | 89.47% (19) | +2.96% | 47.37% (19) | -1.87% |
| Technology | 75.00% (16) | +3.00% | 76.19% (21) | -6.00% |
| Industrials | 83.33% (18) | +3.22% | 66.67% (15) | -1.49% |
| Financial Services | 80.00% (10) | +1.62% | 56.25% (16) | -0.82% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 76.7% | 30 | 75.0% | 24 |
| 2025 | 72.3% | 47 | 73.9% | 46 |
| 2024 | 57.1% | 35 | 80.6% | 36 |
| 2023 | 80.0% | 30 | 67.9% | 28 |
| 2022 | 73.7% | 19 | 70.0% | 20 |
| 2021 | 53.3% | 30 | 67.9% | 28 |
| 2020 | 72.7% | 22 | 58.8% | 34 |
| 2019 | 80.0% | 20 | 66.7% | 18 |
| 2017 | 80.0% | 10 | — | — |
| 2016 | 50.0% | 12 | 65.4% | 26 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Aug 11, 2026 | CLS | Celestica Inc. | Technology | Reiterates | Sector Outperform | $500 | +1.4% | -1.3% |
| Aug 10, 2026 | CSQR | — | — | Initiates | Sector Outperform | $30 | +0.5% | +0.4% |
| Aug 10, 2026 | BTG | B2Gold Corp. | Basic Materials | Upgrade | Sector Perform → Sector Outperform | — | -0.2% | +0.6% |
| Aug 7, 2026 | PUBM | PubMatic, Inc. | Technology | Upgrade | Sector Perform → Sector Outperform | $21 | +28.8% | +31.9% |
| Jul 30, 2026 | FVRR | Fiverr International Ltd. | Communication Services | Downgrade | Sector Outperform → Sector Perform | $10 | -1.2% | -0.3% |
| Jul 29, 2026 | ASTS | AST SpaceMobile, Inc. | Technology | Upgrade | Sector Underperform → Sector Perform | $51 | +1.4% | -6.2% |
| Jul 21, 2026 | SIND | — | — | Initiates | Sector Outperform | — | +2.4% | +12.6% |
| Jul 21, 2026 | PBA | Pembina Pipeline Corporation | Energy | Downgrade | Sector Outperform → Sector Perform | — | -0.2% | -0.6% |
| Jul 16, 2026 | TFII | TFI International Inc. | Industrials | Upgrade | Sector Perform → Sector Outperform | — | +3.0% | +7.1% |
| Jul 15, 2026 | ABEV | Ambev S.A. | Consumer Defensive | Downgrade | Sector Outperform → Sector Perform | — | -1.6% | -1.9% |
| Jul 7, 2026 | NET | Cloudflare, Inc. | Technology | Upgrade | Sector Perform → Sector Outperform | $300 | +4.7% | +8.6% |
| Jul 6, 2026 | TENB | Tenable Holdings, Inc. | Technology | Upgrade | Sector Perform → Sector Outperform | $50 | +1.4% | +7.0% |
| Jul 6, 2026 | S | SentinelOne, Inc. | Technology | Upgrade | Sector Perform → Sector Outperform | $24 | -0.2% | +3.7% |
| Jul 6, 2026 | QLYS | Qualys, Inc. | Technology | Upgrade | Sector Perform → Sector Outperform | $190 | +2.3% | +6.8% |
| Jul 6, 2026 | OKTA | Okta, Inc. | Technology | Upgrade | Sector Perform → Sector Outperform | $165 | +2.0% | +5.1% |
| Jun 30, 2026 | NTR | Nutrien Ltd. | Basic Materials | Upgrade | Sector Perform → Sector Outperform | $80 | +1.8% | +2.9% |
| Jun 30, 2026 | CF | CF Industries Holdings, Inc. | Basic Materials | Upgrade | Sector Perform → Sector Outperform | $125 | +2.4% | +2.7% |
| Jun 29, 2026 | SSMR | — | — | Initiates | Sector Outperform | $20 | +1.3% | +0.0% |
| Jun 18, 2026 | PLD | Prologis, Inc. | Real Estate | Downgrade | Sector Outperform → Sector Perform | — | -0.7% | -0.3% |
| Jun 18, 2026 | REXR | Rexford Industrial Realty, Inc. | Real Estate | Upgrade | Sector Perform → Sector Outperform | $36 | +1.5% | +2.0% |
| Jun 18, 2026 | EPRT | Essential Properties Realty Trust, Inc. | Real Estate | Upgrade | Sector Perform → Sector Outperform | $33 | +0.0% | -0.5% |
| Jun 18, 2026 | BXP | BXP, Inc. | Real Estate | Upgrade | Sector Perform → Sector Outperform | $70 | +2.2% | +2.6% |
| Jun 12, 2026 | CDE | Coeur Mining, Inc. | Basic Materials | Reiterates | Sector Outperform | $28 | +1.2% | +4.9% |
| Jun 8, 2026 | EMBJ | Embraer S.A. | Industrials | Initiates | Sector Outperform | $81 | +1.1% | -0.2% |
| Jun 1, 2026 | CM | Canadian Imperial Bank of Commerce | Financial Services | Downgrade | Sector Outperform → Sector Perform | — | -2.1% | -2.5% |