The Globe and Mail reports in its Tuesday, Nov. 5, edition that TD Cowen analyst Mario Mendonca has elevated his recommendation for Bank of Nova Scotia to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mendonca's share target soared $9 to $80. Analysts on average target the shares at $70.86. Mr. Mendonca says in a note: "We believe ROE is among the most important financial metrics in the banking sector; and we expect relative ROE improvement to influence relative performance over the next two years. Using our ROE decomposition approach, we expect Scotiabank to deliver the best ROE improvement among the group, supported by NIM, expense management, business mix and the Keycorp transaction. ... The improvement in NIM and the Keycorp deal play important roles in driving our forecast 14-per-cent growth in 2026E EPS and the improvement in ROE. Regarding NIM, we forecast the NII loss in corporate moving from $750-million quarterly in Q3/24 to a loss of $600-million quarterly, a $150-million quarterly improvement, which amounts to $600-million annually. As for Keycorp, we now view the deal as entirely a financial one and in this respect, our outlook has improved."