The Globe and Mail reports in its Friday edition that CIBC analyst Paul Holden noted in a report that Canadian banks are likely to continue exceeding expectations, having surpassed consensus earnings-per-share estimates in the last three quarters by a wide margin, indicating that forward estimates remain conservative. The Globe's David Leeder writes that Mr. Holden says in a note: "Consensus EPS estimates did move higher post results, but we believe consensus still remains too conservative on PCL assumption for F2026. Our EPS estimates are 2 per cent higher than consensus on average. P/E multiples are well above historical averages, and we will need to be correct on EPS upside for the stocks to deliver compelling returns.. Key themes coming out of FQ3 results are: 1) impaired PCLs are already past peak; 2) F2025 earnings have benefitted significantly from strong capital markets revenue, and we anticipate that will be a bit of a headwind next year; [and] 3) results in Canadian banking were better than expected, primarily on lower-than-anticipated credit losses." Mr. Holden continues to rate Bank of Nova Scotia "neutral." He boosted his share target by $3 to $93. Analysts on average target the shares at $87.77.