The Globe and Mail reports in its Tuesday, April 8, edition that National Bank Financial analyst Gabriel Dechaine has reaffirmed his "sector perform" recommendation for Toronto-Dominion Bank. The Globe's David Leeder writes that Mr. Dechaine gave his share target a $4 trim to $84. Analysts on average target the shares at $89.62. While Mr. Dechaine saw the outcome of the implementation of U.S. tariffs as "better than expected" for Canadian banks, he warns a deteriorating macroeconomic backdrop will lead to significantly lower earnings moving forward. Mr. Dechaine says in a note: "Our economics team estimate that, under the current measures, the effective trade-weighted tariff rate on Canadian exports is below 5 per cent. This outcome is far less severe than the one we used in a report published earlier this year in a report entitled Trade war risk: still out there. In our severe downside scenario, we assumed 25-per-cent across-the-board tariffs for an extended period, which resulted in roughly 30-per-cent downside risk to sector earnings." Emphasizing the tariffs were not "an outright positive" for the sector, Mr. Dechaine cut his 2025 earnings per share estimates by 2 per cent and his 2026 projections by 7 per cent.