The Globe and Mail reports in its Tuesday, Dec. 5, edition that Scotia Capital analyst Meny Grauman has reiterated his "sector perform" recommendation for National Bank of Canada. The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman cut his share target to $95 from $97. Analysts on average target the shares at $100. Mr. Grauman says in a note: "We certainly have a favorable view of National Bank's year-end result which beat the Street by 7 per cent, and delivered peer-leading PTPP [pretax, preprovision] growth of 19 per cent year-over-year. That said, we need to acknowledge the source of the beat as stronger-than-expected trading and underwriting revenues. Although there is a good argument to be made that National Bank delivered the best result this earnings season, that performance was inflated as the bank excluded 30 cents per share in 'unusual items' in a quarter when most peers included those kinds of charges in their core results. After a very weak Q3 for the financial markets segment, we were happy to see a bounce back in Q4's performance. However, looking ahead to next year tax changes targeting the dividend received deduction appear to be a material headwind to that business line."