Jefferies Rates BMO, Scotiabank Hold Following Q3 Earnings Beats

07:28 AM EDT, 08/25/2026 (MT Newswires) -- Jefferies rates Bank of Montreal (BMO.TO, BMO) hold, with a C$225 price target implying about 6% downside from its C$238.63 share price. BMO reported a "solid beat" driven by strong performances within its operating segments, and the strength of its US retail bank in particular, Jefferies said in a Tuesday note. The results showed BMO did not lean on wealth and capital markets to beat consensus. BMO reported adjusted earnings of C$3.96, beating consensus of C$3.77 and Jefferies' estimate of C$3.89. BMO's shares closed 0.67% lower at C$238.63 on Monday. Jefferies also rated Bank of Nova Scotia (BNS.TO, BNS) hold, with a C$117 price target as the bank reported Q3 earnings that were "an impressive beat against expectations." Jefferies noted that the results were driven by a surprisingly strong capital markets performance. The results are expected to be viewed positively by the market, but the full beat may not be automatically priced into Scotiabank's valuation, Jefferies said in a separate Tuesday note. Scotiabank reported adjusted earnings of C$2.28, beating consensus of C$2.10 and Jefferies' estimate of C$2.14. Scotiabank's shares closed down 0.23% lower at C$120.29 on Monday.