The Globe and Mail reports in its Thursday, March 6, edition that CIBC World Markets analyst Paul Holden, in a research report released Wednesday wrapping up earnings season for domestic banks, lowered his full-year earnings forecasts in response to the impact of U.S. tariffs. The Globe's David Leeder writes in the Eye On Equities column that Mr. Holden says in a note: "The only adjustment we are making to our models with this note is the addition of performing PCLs [provisions for credit losses] effective FQ2. If tariffs stay, we anticipate further model adjustments will be required (e.g., lower loan growth, potentially lower NIM [net interest margins] for BOC monetary response, higher trading revenue, etc.). We are back playing for downside protection, a playbook used too often over the last five years. BMO and TD, the two banks with the lowest proportion of Canadian loans and highest proportion of U.S. dollar earnings, are our tariff protection picks. We reduce our price targets for the big banks based on a higher risk premium." Mr. Holden continues to rate National Bank of Canada "neutral." He cut his share target to $127 from $135. Analysts on average target the shares at $136.36.