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 | 77.4% | 31 | 76.0% | 25 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Oct 2, 2026 | COLD | Americold Realty Trust, Inc. | Real Estate | Upgrade | Sector Perform → Sector Outperform | $16 | +2.2% | +1.2% |
| Sep 29, 2026 | XEL | Xcel Energy Inc. | Utilities | Initiates | Sector Outperform | $77 | -0.1% | +1.9% |
| Sep 29, 2026 | UGI | UGI Corporation | Utilities | Initiates | Sector Outperform | $46 | -0.5% | -0.2% |
| Sep 29, 2026 | SR | Spire Inc. | Utilities | Initiates | Sector Perform | $79 | -0.8% | -0.1% |
| Sep 29, 2026 | SWX | Southwest Gas Holdings, Inc. | Utilities | Initiates | Sector Outperform | $95 | -0.4% | +0.5% |
| Sep 29, 2026 | SRE | Sempra | Utilities | Initiates | Sector Perform | $83 | -0.3% | +1.7% |
| Sep 29, 2026 | PUMP | ProPetro Holding Corp. | Energy | Initiates | Sector Perform | $12 | -1.1% | -4.5% |
| Sep 29, 2026 | PPL | PPL Corporation | Utilities | Initiates | Sector Outperform | $36 | -0.1% | +1.5% |
| Sep 29, 2026 | PNW | Pinnacle West Capital Corporation | Utilities | Initiates | Sector Outperform | $104 | -0.5% | +2.3% |
| Sep 29, 2026 | OGS | ONE Gas, Inc. | Utilities | Initiates | Sector Outperform | $86 | +0.1% | +0.8% |
| Sep 29, 2026 | OGE | OGE Energy Corp. | Utilities | Initiates | Sector Outperform | $49 | -0.2% | +1.6% |
| Sep 29, 2026 | NI | NiSource Inc. | Utilities | Initiates | Sector Perform | $43 | -0.4% | +0.6% |
| Sep 29, 2026 | LBRT | Liberty Energy Inc. | Energy | Initiates | Sector Perform | $19 | -1.5% | -2.7% |
| Sep 29, 2026 | AESI | Atlas Energy Solutions Inc. | Energy | Initiates | Sector Outperform | $14 | +0.6% | -5.3% |
| Sep 29, 2026 | AEE | Ameren Corporation | Utilities | Initiates | Sector Perform | $104 | -0.6% | +0.9% |
| Sep 23, 2026 | O | Realty Income Corporation | Real Estate | Downgrade | Sector Outperform → Sector Perform | $59 | -0.9% | -1.6% |
| Sep 17, 2026 | AUGO | Aura Minerals | Basic Materials | Initiates | Sector Outperform | $110 | +6.2% | +3.2% |
| Sep 9, 2026 | UBER | Uber Technologies, Inc. | Technology | Initiates | Sector Outperform | $100 | -0.1% | -2.8% |
| Sep 9, 2026 | DASH | DoorDash, Inc. | Communication Services | Initiates | Sector Outperform | $275 | -1.1% | -1.6% |
| Sep 9, 2026 | LYFT | Lyft, Inc. | Technology | Initiates | Sector Perform | $17 | -2.9% | -8.3% |
| Sep 2, 2026 | BULL | Webull Corporation Class A Ordinary Shares | Technology | Initiates | Sector Perform | $9 | -0.4% | -1.4% |
| Sep 2, 2026 | SOFI | SoFi Technologies, Inc. | Financial Services | Initiates | Sector Outperform | — | +0.0% | +4.6% |
| Sep 2, 2026 | HOOD | Robinhood Markets, Inc. | Financial Services | Initiates | Sector Outperform | — | +0.2% | +3.4% |
| Sep 2, 2026 | KLAR | Klarna Group plc | Technology | Initiates | Sector Perform | — | -0.2% | +2.1% |
| Sep 2, 2026 | CPAY | Corpay, Inc. | Technology | Initiates | Sector Outperform | — | +0.7% | +2.9% |