The Globe and Mail reports in its Wednesday, Feb. 14, edition that heading toward the start of first quarter earnings season for Canadian banks, Desjardins Securities analyst Doug Young sees equity and debt underwriting, equity trading and M&A stats as "a potential positive" across the sector. The Globe's David Leeder writes that Mr. Young says in a note, "Despite a challenging comparison against last year's strong performance, year-over-year increases in equity and debt underwriting (Canada and the U.S.) and M&A activities are encouraging in our opinion." For the Big Six banks, Mr. Young sees Canadian equity and debt underwriting increasing 174 per cent and 10 per cent year-over-year. In the U.S., he sees gains of 77 per cent and 36 per cent. Equity trading volumes slid 10 per cent in Canada but rose 3 per cent south of the border. He adds, "Canadian banks' participation in global M&A increased 39-per-cent year-over-year." Mr. Young has reaffirmed his "hold" recommendation and $105 share target for National Bank of Canada. Analysts on average target the shares at $103. The Globe reported on Nov. 8 and Feb. 2 that Mr. Young rated National Bank "hold." It was then worth $94.71 and $101.21.