The Globe and Mail reports in its Wednesday, March 5, edition that TD Cowen analyst Mario Mendonca thinks Canadian bank valuations "no longer look rich," however, he cautions "multiples are not sufficiently low to step in front of the downside presented by tariffs." The Globe's David Leeder writes that Mr. Mendonca reiterated his "buy" on Bank of Nova Scotia. Mr. Mendonca has an unchanged share target of $81. Analysts on average target the shares at $79.32. Mr. Mendonca says in a note: "In our view, Scotiabank's greater exposure to wholesale funding, LatAm exposure, and actions to protect NIM as interest rates declined are the structural reasons why the bank's NIM performance lagged its peers materially until recently. In the near term, we expect Scotiabank's quarter-over-quarter NIM performance to at least match its peers and likely outpace the group, particularly if interest rates continue to fall. Scotiabank is the deep discount stock in the group reflecting weak fundamental performance in part associated with the material business transformation management is executing and, more recently, the threat of tariffs on Mexico. Our 'buy' rating reflects a long-term positive outlook on the success of the transformation."