The Globe and Mail reports in its Thursday, Nov. 23, edition that RBC Dominion Securities analyst Darko Mihelic is "expecting some noise and some clarity" from Canadian banks during earnings season. The Globe's David Leeder writes that Mr. Mihelic is reducing his earnings per share expectations by an average of 10 per cent across the banking sector. His new projections now imply an earnings-per-share drop of 3.3 per cent versus the third quarter and a decline of 6.7 per cent year-over-year. He says, "We lowered capital markets revenues, increased 'one-time-ish' expenses, and upped stage two PCL assumptions." Mr. Mihelic has reaffirmed his "underperform" recommendation for Laurentian Bank of Canada. He targets the shares at $33. Analysts on average target the shares at $33.36. Mr. Mihelic says in a note, "For Laurentian Bank, we forecast core earnings per share to increase 1 per cent quarter-over-quarter, primarily driven by a moderate 1-per-cent quarter-over-quarter growth in revenues which more than offsets our expected increase in expenses and PCLs."