The Globe and Mail reports in its Friday, June 6, edition that while second quarter results for Canada's banks came in better than CIBC analyst Paul Holden expected, he cautions domestic macroeconomic data points make it hard to get positive on the outlook for personal and commercial banking. The Globe's David Leeder writes that Mr. Holden continues to rate National Bank of Canada "underperformer." Mr. Holden gave his share target a $2 boost to $127. Analysts on average target the shares at $139.23. Mr. Holden says in a note: "The outlook for the remainder of F2025 is not great with most banks guiding to slow loan growth, flattish NIM [net interest margins] and still elevated impaired PCLs [provisions for credit losses]. There is not much to get excited about for the remainder of the year, but that doesn't seem to matter as bank stocks have rallied significantly over the past two months and are now trading above historical averages. It is hard to build a compelling thesis for the group based on recent macro economic readings in Canada, the near-term outlook provided by the banks and valuations. Buying the banks today means stretching the time horizon and/or taking a more positive view on F2026. We are not there yet."