The Globe and Mail reports in its Friday, May 16, edition that ahead of the start of earnings season for Canadian banks late next week, National Bank analyst Gabriel Dechaine touted "conservatism as a catalyst" in a research report titled Performance Anxiety. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dechaine says in a note: "It is hard to get excited about the Big-Six banks. We also believe expectations are disconnected from reality. Looking ahead to fiscal 2026, we see a few banks expected to generate double-digit growth, which appears to be a stretch considering the credit and loan volume headwinds facing the group. Our 2026E are 4 per cent below consensus. ... In our opinion, the 'credit overhang' is a double-edged sword. On one hand, the negative one, we believe investors are wary of rising impairment levels and earnings downside risk presented by the credit cycle. On the other hand, the positive one, we believe that banks that do more to address this downside risk could be rewarded by the market." Mr. Dechaine continues to rate Toronto-Dominion Bank "sector perform," with an unchanged share target of $80. Analysts on average target the shares at $90.13.