RE:BBD.B SCOTIA 23 MAY 024 RATING = OUTPERFORMhere is what they said 23 may 2024
"We maintain our SO rating while raising our target to C$100 (was C$90) on slight EV/EBITDA expansion to 7.0x (was 6.5x) to reflect our improved confidence in BBD’s long-term strategy. Although the stock has gained ~71% YTD vs. TSX +6.6%, which could create some volatility in the near term, we note valuation remains attractive at 8.5x / 6.6x on 2024E / 2025E vs. comps (including some more diversified players) at 12x / 10x"