The Globe and Mail reports in its Wednesday, Nov. 20, edition that Canaccord Genuity analyst Matthew Lee 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. Lee's share target soared $13 to $84. Analysts on average target the shares at $74.40. Mr. Lee says in a note: "Heading into the quarter, we are upgrading Scotiabank as an easing North American rate environment becomes a prominent earnings driver for F25 and F26. Our estimates for the core business are relatively pedestrian with our view that international, in particular, remains in the middle of a portfolio repositioning. With that said, our new calculations on funding costs suggest that the bank can generate a cumulative positive $1.33-billion net income benefit in its funding costs by F26 ($450-million in F25, $875-million in F26), adding over 100 cents of EPS. While Scotiabank must still clarify its longer-term growth strategy and will likely forego a buyback for the next several quarters, its current valuation and 'low-hanging' earnings growth make it attractive. ... Scotiabank shares have returned 13 per cent since reporting Q3 results, or 20 per cent year-to-date."