February 17, 2009 / 5:42 PM / 9 years ago

UPDATE 1-RESEARCH ALERT-BMO downgrades Bank of Nova Scotia

Feb 17 (Reuters) - BMO Capital downgraded Bank of Nova Scotia (BNS.TO) BNS.N to "underperform" from "marketperform," saying the bank may face more headwinds due to a deteriorating credit environment, sending its shares down more than 5 percent.

The brokerage, which cut its fiscal 2009 earnings forecast for the Canada-based bank to C$2.60 a share from C$3.45 a share, reduced its price target on the company's stock to C$29 from C$36.

Shares of the company were trading down C$1.51 at C$27.81 Tuesday morning on the Toronto Stock Exchange. (Reporting by Richa Dubey in Bangalore; Editing by Pratish Narayanan)

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