The Globe and Mail reports in its Wednesday, March 5, edition that TD Cowen analyst Mario Mendonca thinks Canadian bank valuations "no longer look rich," however, he cautions "multiples are not sufficiently low to step in front of the downside presented by tariffs." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mendonca jacked his share target up by $7 to $152. Analysts on average target the shares at $151.87. Mr. Mendonca says in a note: "We expect losses to be driven by corporate and commercial customers. We expect Bank of Montreal's PCLs to check back, but not fall below the group average. We believe the sharp correction in Bank of Montreal stock price is highly leveraged to the expectation that its PCLs will fall well below the peer group average. In the context of a surprisingly high relative P/E, we are not comfortable getting constructive. We value BMO at a group average target P/E of 11.5 times and continue to rate the stock 'hold.'" The Globe reported on Aug. 28 that Mr. Mendonca said something had "clearly" gone wrong at BMO, which was then trading at $112.04. The Globe reported on Feb. 27 that Mr. Mendonca rated BMO "hold." It was then worth $149.19.