The initiation of coverage by Scotiabank with a 'Sector Perform' rating suggests a neutral outlook on Legend Biotech's stock, indicating that the stock is expected to perform in line with the sector. The price target of $65 provides a reference point for investors but does not imply a significant upside or downside, hence the neutral score. The relevance is high as the news is directly about LEGN. The importance is significant as analyst ratings can influence investor perception and stock price, but it is not at the highest level as the rating is neutral rather than bullish or bearish. The confidence level is high due to the credibility of Scotiabank and the clear price target provided.