Bank of Montreal, Bank of Nova Scotia Get Ratings Adjustments

FP Trading Desk submits:

With third quarter earnings results looming, BMO Capital Markets analyst Ian de Vertueil fine-tuned a couple of his Canadian bank recommendations this week, putting Bank Of Nova Scotia (BNS) and Bank of Montreal (BMO) back on the same playing field.

To start, the analyst upgraded Scotiabank from UNDERPERFORM TO MARKET PERFORM while increasing his 2009 cash earnings per share estimate for the bank from C$2.90 to C$3 and his 2010 cash EPS estimate from C$2.55 to C$2.65. Mr. Verteuil's price target on the stock climbs from C$41 toC $42.

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