Crazy business....We take a hit today because Scotia says:
"sentiment and valuations are likely near the BOTTOM, but he said that there is little reason to believe industry conditions and share prices improve in the NEAR-term." ???
In my book that's called a long term buying opportunity/gift!!! PE of SIX? !!! His LOWERED one year price target is almost 20 bucks higher than the SP today??? My "screaming buy" alarm is going off.
Been a holder for a long time, green in one account, red in the other....just waiting to pounce today or tomorrow.....(I don't do "near term"....I'm a 2-3 year guy at the least)
Slightly related: I'm sort of wondering about Scotia in general....their "new and improved" platform is a BIG FAIL in my opinion (I moved one account to TD and I'll move the other over before the end of the year, when Scotia ditches the old platform permanently). The change reminds me of the 1996-7 Ford Taurus story...their best seller at the time (800,000 units) Ford decided to "refresh" the brand by going with an "all oval" concept copying the Ford logo....complete with an oval rear window......sales dropped from 800k to 300k in a year.....OUCH! (If it ain't broke, don't fix it!)