The Globe and Mail reports in its Wednesday, Aug. 23, edition that CIBC World Markets analyst Paul Holden said he remains "cautious" on Canadian banks ahead of the start of quarterly earnings season on Thursday. The Globe's David Leeder writes in the Eye On Equities column that Mr. Holden has reaffirmed his "neutral" recommendation for Canadian Western Bank. Mr. Holden cut his share target back by a loonie to $26. Analysts on average target the shares at $29.08. Mr. Holden says in a note: "We have revised our FQ3 EPS estimates lower based on core earnings trends -- funding cost pressures, slowing loan growth, soft conditions for fee income and still high expense growth. While the industry may be avoiding a material increase in credit losses for now, we continue to assume that higher losses will materialize in future quarters. Consensus estimates continue to drop and valuations have not pulled back sufficiently to compensate, in our view." The Globe reported on May 17 that Mr. Holden rated Canadian Western Bank "neutral." In the item Mr. Holden gave his share target a $2 trim to $28. The shares could then be had for $24.76.