The Globe and Mail reports in its Thursday, Aug. 21, edition that CIBC World Markets analyst Paul Holden, ahead of the start of third quarter earnings season for Canadian banks next week, says "earnings, as measured by ROE, are running below normal, but the direction of travel is positive." The Globe's David Leeder writes in the Eye On Equities column that Mr. Holden rates Bank of Nova Scotia "neutral." He gave his Scotiabank share target a $13 boost to $90. Analysts on average target the shares at $81.29. Mr. Holden says in a note: "We are increasing our EPS estimates ahead of FQ3 and also increasing our estimates for F2026. With the average P/E at 12 times (F2026 consensus) the shares are already embedding higher earnings. ... Investors appear to be getting more comfortable with the risk level and are looking through near-term challenges into F2027. Valuations are currently high relative to historical levels, with the banks trading at an average multiple of 12 times on F2026E consensus. Further multiple expansion for most stocks in the group is not likely, in our view, and accordingly we expect relative performance will largely be driven by EPS growth/ROE expansion."