The Globe and Mail reports in its Thursday, Feb. 21, edition that Canaccord Genuity analyst Scott Chan expects a slow start to 2019 for Canadian banks, projecting year-over-year earnings per share growth of 4 per cent for the Big Six. The Globe's David Leeder writes in the Eye On Equities column that Mr. Chan says in a research note previewing the earnings season: "Year-to-date, the Big-6 banks have rebounded significantly (12 per cent), slightly outpacing the TSX Composite of more than 10 per cent. At this level, we expect strong total returns (13 per cent) over the next year, including an average dividend yield of 4.2 per cent. Currently, the Big-6 banks trade on average at a price-to-earnings (next 12 months) of 10.4 times, slightly below the historical average of 11 times, and could see modest multiple expansion throughout the year on potential positive earning revisions that could benefit our group 5-per-cent EPS growth forecast for 2019." Mr. Chan rates Canadian Imperial Bank of Commerce "buy." Mr. Chan reduced his share target to $125 from $126. Analysts on average target the shares at $125.93. Mr. Chan adds, "We forecast Q1/F19 EPS of $3.15 per share versus consensus of $3.10."