The Globe and Mail reports in its Thursday edition that Canaccord 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 that Mr. Chan says in a 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 Western Bank "buy." He cut his share target to $33 from $34. Analysts on average target the shares at $32.64. Mr. Chan adds, "On regional banks, we continue to favor CWB over [Laurentian Bank] mainly due to its relative valuation, EPS growth attributes, and higher excess capital potential under AIRB."