The Globe and Mail reports in its Wednesday, Aug. 20, edition that Barclays Securities analyst John Aiken is bullish on Canadian banks. The Globe's Jody White and Tim Shufelt write in the Eye On Equities column that Mr. Aiken raised his target on Bank of Montreal ($81.29) to $84 from $80, Bank of Nova Scotia ($73.19) to $74 from $72, Canadian Imperial Bank of Commerce ($102.87) to $105 from $100, National Bank of Canada ($49.16 to $50 from $48, Royal Bank of Canada ($81.60) to $82 from $79, Toronto-Dominion Bank ($57.22) to $59 from $56. Mr. Aiken also raised his targets on Canadian Western Bank ($42.36) to $43 from $40, and on Laurentian Bank of Canada to $53 from $50. Mr. Aiken rates all of the banks as "equal weight" except for CIBC and Laurentian Bank, which he rates "underweight." Amid heightened geopolitical risks, Canadian bank stocks, with an average dividend yield of 3.4 per cent, remain a compelling defensive investment, says Mr. Aiken. The Barclay's stockpicker says, "Consequently, despite the ongoing challenging earnings environment, we believe the Canadian banks could continue to surprise to the upside, and along with it, supporting and even expanding upon current valuation levels."