The Globe and Mail reports in its Wednesday, Feb. 19, edition that Canaccord Genuity analyst Matthew Lee acknowledges that earnings expectations for Canadian banks as the first quarter earnings season approaches are modest. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lee, however, believes that investors will be eager to see whether the banks are making progress toward their objectives, especially considering the current outlook that the second half of the year will show accelerating earnings growth at the industry level. Mr. Lee continues to rate Toronto-Dominion Bank "buy." Mr. Lee gave his share target a $6 boost to $95. Analysts on average target the shares at $87.18. Mr. Lee says in a note: "Equity market oscillations [will help] Canadian banks deliver strong markets growth, which will be particularly beneficial to National Bank given its earnings exposure to trading. For corporate and investment banking, the Canadian market remains very much in the early innings and, while we forecast revenue growth, we are hesitant to model Herculean improvements. We note, however, that RY, BMO, and TD are likely to see outsized growth as they benefit from exposure to a more constructive U.S. environment."