The Globe and Mail reports in its Tuesday edition that Scotia Capital analyst Meny Grauman, ahead of the start of another earnings season for Canadian banks, is telling investors to "focus a little less on the results themselves and much more on management commentary about the path ahead." The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman has reaffirmed his "sector outperform" recommendation for Toronto-Dominion Bank. Mr. Grauman's share target climbed to $98 from $86. Analysts on average target the shares at $84.75. Mr. Grauman says in a note: "Canadian bank stocks are up an average of 9 per cent since Q3 reporting season led by BMO and Scotiabank which are up 18 per cent and 17 per cent over that time period. All this is happening despite a continuing deterioration in credit fundamentals and still sluggish loan growth, which begs the question: is the market setting itself up for disappointment? We don't think so, and it's not because we are more optimistic about the near-term outlook for the banks. In fact, as our Q4 EPS estimates attest, we are forecasting a pretty sluggish wrap up to the year-end. Instead, our optimism for the stocks continues to be fueled by growing optimism for the future."