The Globe and Mail reports in its Friday edition that Jefferies analyst John Aiken started coverage of Canadian banks on Thursday, calling it "an inauspicious time, given the concerns that a potential recession could have on earnings and valuation." The Globe's David Leeder writes in the Eye On Equities column that Mr. Aiken says in a note: "We are quite positive on the outlook for the Canadian banks as we anticipate that the group will benefit from an economic recovery spurred on by interest rate cuts by the Bank of Canada improving both household and business sentiment. However, our enthusiasm is tempered in the near term as we anticipate that the domestic economy will be in, or close to, a recession through the first half of the year. ... [This will create] share price volatility." Mr. Aiken continues to rate Laurentian Bank of Canada "hold," with a Street-low share target of $25, which is $3.82 under the consensus. Mr. Aiken adds: "After the failed strategic review and exodus of parts of the management team, investors await the latest iteration of its strategy. Regardless of the merits of the new plan, investors will likely need to see evidence of execution before Laurentian's valuation gets any relief."