Scotiabank (BNS) announced Tuesday the launch of hockey for all, a new initiative to promote diversity and inclusion in hockey.
Introduced on the first day of the 2021-22 NHL season, the platform will donate C$2 million over the next 12 months to sponsorships and programs that work for greater diversity in community and local hockey organizations across Canada.
"Scotiabank believes there is a place for all Canadians in hockey; however, we also believe the game has a distinct opportunity to more closely reflect the rich and diverse culture of Canada and to be more open and welcoming to Canadians coast-to-coast," said Laura Curtis Ferrera, Scotiabank's CMO.
"hockey for all is our commitment to making meaningful, impactful change and eliminating barriers to make the game more inclusive – for every future."
Nine in 10 Canadians say hockey gives them a sense of identity and belonging, according to an Angus Reid study published in May 2021. However, two-thirds of coaches and players report that the culture of sport is grappling with inclusion and bullying, and 88% consider playing hockey in a league too expensive.
To meet these challenges and encourage diversity, equity, and inclusion in sport, Scotiabank has built its hockey for all initiative around two axes: cultural and financial. hockey for all also seeks to spark a discussion about diversity in hockey -- not just visible diversity, but also in terms of ideas, experiences, and fairness across the sport. (See Analysts’ Top Stocks on TipRanks)
On October 4, CIBC analyst Paul Holden maintained a Buy rating on BNS, and a price target of C$90. This implies 14.9% upside potential.
The rest of the Street is cautiously optimistic on BNS, with a Moderate Buy consensus rating based on five Buys and four Holds. The average Bank of Nova Scotia price target of C$87.11 implies 11.2% upside potential to current levels.
TipRanks’ Smart Score
BNS scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market.