The Globe and Mail reports in its Wednesday edition that ahead of the start of fourth quarter earnings season for Canadian banks next week, CIBC's Paul Holden says he has "become more positive" on their outlook, citing: "1) credit losses are near a peak and will start to decline at some point in F2025; 2) loan growth will accelerate in F2025; 3) regulatory capital positions are enabling EPS-accretive actions; and 4) there is upside to ROE expectations through F2026." The Globe's David Leeder writes that accordingly, Mr. Holden hiked his share target for National Bank of Canada by $6 to $141, while keeping a "neutral" rating. Analysts on average target the shares at $138.31. Mr. Holden says in a note: "Key themes this quarter include peak PCLs, F2025 NII outlook, still-slow loan growth, solid capital markets and ROE upside potential. We are observing early signs that we will be entering a more constructive year in F2025. There are signs of credit losses plateauing and demand for credit increasing, implying upside to F2025 consensus expectations. Rate cuts create a headwind for NIM while relatively firmer interest rates at the longer end of the curve are a positive, which will make the F2025 NII outlook so important."