The Globe and Mail reports in its Tuesday, June 10, edition that Canaccord Genuity analyst Matthew Lee updated his forecast for Canadian banks in a report released Monday titled Prepared for the worst, but still hoping for the best. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lee says banks are headed toward "opaque waters." He says in a note: "The biggest story of Q2 was the uniform decision by management teams to take large performing provisions to account for the current state of geopolitical opacity. On average, the Big Six put through 17bps of performing PCLs, more than the prior three quarters combined. In our view, this should help soften the earnings impact of unforeseen economic adversity and is easily digestible given the group's capital position. Post-quarter, we have raised our total PCL expectations but view credit as relatively benign and unlikely to impede the banks' path to high single-digit EPS growth for F25E. ... We note that each of the banks can release allowances, which could be a source of earnings growth in F26." Mr. Lee continues to rate National Bank of Canada "hold." He hiked his share target to $138 from $136. Analysts on average target the shares at $139.23.