The Globe and Mail reports in its Wednesday, Feb. 21, edition that Scotia Capital analyst Meny Grauman has upgraded Canadian Western Bank to "sector outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman continues to target the bank's shares at $32. Analysts on average target the shares at $34.80. Mr. Grauman says in a note: "Looking ahead to Q1 reporting, we expect the focus will first and foremost be on the margin once again, where we expect continued expansion. Other key areas of focus for us include loan growth. The bank's capital position is strong, but given the move in global capital rules we don't expect the advanced approach to be a catalyst even in the medium-term. We like the setup for Canadian Western Bank heading into Q1 reporting especially given the recent sell-off in the shares." The Globe reported on March 8 that Mr. Grauman had reaffirmed his "sector perform" recommendation when the shares could be had for $26.11. The Globe reported on Nov. 22, Dec. 6 and Dec. 12 that National Bank Financial analyst Gabriel Dechaine rated Canadian Western "outperform." It was then worth $28.75, $30.25 and $30.27.