The Globe and Mail reports in its Friday, March 8, edition that following the earnings season for Canadian banks, CIBC World Markets analyst Paul Holden remains "cautious" due to credit trends. The Globe's David Leeder writes in the Eye On Equities column that as a result, Mr. Holden shaved his share target for Toronto-Dominion Bank by $2 to $86. Analysts on average target the shares at $88.36. Mr. Landry says in a note: "The sector outlook does feel a little better following FQ1 results. Five of the six banks beat consensus expectations and capital ratios ended the quarter higher than expected. F2024 consensus EPS estimates were effectively unchanged on average, which may not get us jumping up and down, but it is a noteworthy shift in trend. Following each of the prior three quarters, consensus EPS dropped by 3.9 per cent, 2.9 per cent and 5.1 per cent. ... The fact that consensus estimates did not drop following this quarter is a noteworthy change. One crux of our cautious stance on bank stocks is our view that it is hard for the stocks to sustainably rally if earnings estimates are falling. If earnings estimates are no longer falling, then a rally off of low valuation multiples becomes more plausible."