The Globe and Mail reports in its Wednesday edition that RBC analyst Darko Mihelic has elevated his recommendation for Canadian Western Bank to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mihelic cut his share target back to $35 from $36. Analysts on average target the shares at $29.93. Mr. Mihelic says the bank's shares are trading at a good price. Mr. Mihelic says in a note: "The economic landscape continues to be challenging for CWB. CWB management revised its core EPS target for 2023 lower from a low to mid single-digit growth target, to now expecting a 2023 core EPS between $3.50 to $3.60. The new core EPS guidance represents a 1-per-cent to 3-per-cent decline in earnings from 2022. CWB's net interest margin contracted six basis points quarter-over-quarter this quarter to 2.26 per cent, primarily due to a 16 basis points negative impact from fixed rate funding costs. Due to higher funding costs, CWB now expects slower net interest margin (NIM) expansion in the second half of 2023 than it previously expected. Management also indicated that expense management will be another focus area for 2023 as the bank adjusts to the lower growth environment."