丰业银行将南方铜业的目标价从92美元上调至125美元，仍维持"跑输大市"评级。(格隆汇) ...

丰业银行将云安全公司Datadog的目标价从217美元下调至180美元，以反映该公司在OpenAI方面的营收 风险，维持"跑赢大市"评级。(格隆汇) ...

格隆汇1月24日｜近期，尽管特朗普放缓了对欧调门，但华尔街仍担心，他对欧洲大陆的敌意和贬低可 能会导致美股最大的买家群体之一退出市场。事实上，已有迹象表明这种情况正在发生。管理着2.3万 亿欧元（2.7万亿美元）资产的欧洲最大资产管理公司东方汇理首席投资官Vincent Mortier表示："我们 看到越来越多的客户希望分散美股风险。这一趋势始于2025年4月，但本周有所加速。"他表示，任何形 式的"脱钩"都将是一个长期且复杂的过程。欧洲投资者持有约10.4万亿美元的美股，其中超过一半由特 朗普威胁加征关税的八个国家的投资者持有。加拿大丰业银行策略师Hugo Ste-Marie指出，欧洲人持有 的美股占外国人持有美股总量的49%，这一庞大比例足以对市场构成威胁。虽然欧洲不太可能一致行动 抛售美国资产，但随着特朗普的威胁和侮辱持续，从伦敦到柏林再到马德里的基金经理们收到客户关于 减持美国资产的咨询日益增多。 ...

Group 1 - The core viewpoint of the article is that Canadian Imperial Bank of Commerce has raised the target price for Amazon (AMZN.US) from $275 to $300 [1] Group 2 - The adjustment in target price reflects a positive outlook on Amazon's performance [1] - The new target price indicates a potential upside for investors considering Amazon's stock [1] - This change may influence investor sentiment and trading activity related to Amazon shares [1]

Core Viewpoint - Two brothers, Michael and George Doumet, are suing Bank of Nova Scotia for wrongful termination from their stock-analyst positions, claiming unjust treatment and breaches of the bank's personal-trading policy led to their dismissals [1][2][19]. Group 1: Termination Details - The Doumet brothers were terminated after a compliance review revealed Michael Doumet's frequent trading in a small-cap stock and communication with the company's CFO, leading to allegations of policy breaches [3][10]. - Following the firings, three senior compliance employees were also dismissed for failing to escalate trading concerns, indicating a broader issue within the compliance department [4][5]. - The firings occurred swiftly, with both brothers receiving termination letters in separate five-minute meetings with their supervisor [8]. Group 2: Financial Background - Michael Doumet earned approximately C$400,000 (about $290,000) in total compensation in 2023, while George Doumet earned around C$490,000 [7]. - The brothers are seeking a combined C$1.65 million in severance pay and damages in their lawsuit against Scotiabank [9]. Group 3: Compliance and Investigations - The compliance department's internal probe was prompted by a whistleblower complaint, leading to an external investigation by law firm Torys LLP [4][16]. - The Doumet brothers failed to register their wives' trading accounts as related-party investment accounts, which was cited as a violation of the bank's trading policy [17][20]. - Scotiabank has faced increased scrutiny regarding its compliance controls, particularly following a significant anti-money-laundering settlement with US authorities [5].

Group 1 - The core viewpoint of the article is that Canadian Imperial Bank of Commerce has raised the target price for Alphabet (GOOG.O) from $336 to $375 [1] Group 2 - The adjustment in target price reflects a positive outlook on Alphabet's performance and potential growth [1] - The new target price indicates an increase of approximately 11.6% from the previous target [1] - This revision may influence investor sentiment and market perception regarding Alphabet's stock [1]

Group 1 - The target price for Bristol-Myers Squibb has been raised from $53 to $60 by Bank of Nova Scotia [1]

Core Insights - The company is expected to pivot towards growth by 2026, as indicated in the annual report and discussions during the Investor Day [1]. Group 1: Growth Expectations - The company anticipates growth to stem from its international banking business, which is seen as a key differentiator compared to competitors [2].

Core Viewpoint - Bank of Nova Scotia's international business is expected to benefit from a political shift to the right in Latin America and increasing US influence in the region, as stated by CEO Scott Thomson [1][3]. Group 1: Political and Economic Context - The last decade has been described as a "lost decade" for regional growth, but renewed US efforts for dominance in the Western Hemisphere are seen as a long-term positive for the region [2]. - Political movements toward the right or center-right in countries such as Chile, Colombia, and Peru, along with a business-friendly administration in Mexico, are expected to support stronger economic growth [3]. Group 2: Company Positioning - Scotiabank has the largest proportional international exposure among Canadian banks and has exited Venezuela but maintains operations in Mexico and holds a 20% stake in Colombia's Banco Davivienda SA [4]. - The CEO's perspective on developments in Venezuela contrasts with some analysts who suggest a more cautious approach to commercial lending in Latin America, which could impact loan growth and the bank's turnaround plan [5]. Group 3: Industry Implications - The potential reopening of the Venezuelan oil industry under US influence raises competition for Canadian heavy crude, which could affect supply dynamics for US Midwest refineries [6]. - The CEO emphasized the importance of building major national infrastructure projects in Canada to respond to these competitive pressures [6].

Summary of The Bank of Nova Scotia Conference Call Company Overview - **Company**: The Bank of Nova Scotia (NYSE: BNS) - **Date**: January 06, 2026 Key Points Growth Strategy and Financial Performance - The Bank of Nova Scotia is pivoting to growth in 2026, with expectations of double-digit earnings growth, following a successful 2025 where they achieved 10% earnings growth and positive operating leverage [8][10] - The international banking segment is expected to see mid-single-digit PTPP growth, while NIAT growth is anticipated to be modest [8][18] - The Canadian banking segment is projected to achieve double-digit NIAT growth in 2026, driven by yield improvements, productivity enhancements, and fee income growth of 8% year-over-year [10][29] International Banking Insights - The international banking business exceeded expectations in 2025, with a 250 basis point improvement in ROE and a focus on regionalization and cost discipline [14] - The macroeconomic environment in Latin America is shifting positively, with political changes potentially benefiting growth in the region [21][22] - The bank has no direct exposure to Venezuela, having exited in 2014, but sees potential long-term benefits from the political shift in Latin America [21][24] Canadian Banking Focus - The bank has added 275,000 primary clients since the last investor day and has seen significant growth in deposits, with over CAD 55 billion in new deposits [26][27] - The restructuring charge taken in 2025 has allowed for reinvestment in frontline sales and technology, aiming for positive operating leverage in 2026 [56] - The bank is focusing on improving its position in the cards segment and commercial mid-market, where it is currently underpenetrated [30][48] Global Banking and Markets (GBM) - The GBM segment is expected to see modest NIAT growth, with a focus on maintaining a sustainable high capital velocity approach [15][18] - The bank has invested significantly in enhancing its product capabilities in investment banking, leading to a 300 basis point improvement in ROE year-over-year [15][38] Return on Equity (ROE) and Capital Management - The bank's ROE target is set to exceed 13% by the end of 2026, with a focus on business mix and return on assets rather than leverage [29][49] - The bank plans to continue share repurchases, having bought back 11 million shares in 2025, while maintaining a CET1 ratio of 13% [52] Market Outlook and Challenges - The bank is cautious about overcommitting in the GBM business due to potential market volatility, but remains optimistic about growth in wealth management and Canadian banking [9][18] - Impaired PCL ratios are expected to remain consistent with 2025, with a focus on navigating challenges in specific markets like Mexico and Chile [58][60] Conclusion - The Bank of Nova Scotia is positioned for strong growth in 2026, with a commitment to executing its strategic plans and maintaining a focus on shareholder value through share repurchases and operational improvements [61][62]