The Globe and Mail reports in its Saturday, Dec. 7, edition that Canaccord Genuity analyst Scott Chan lowered his share target for Canadian Western Bank to $34 from $36. The Globe's David Leeder writes that analysts on average target the shares at $35.17. Mr. Chan is sticking with his "hold" rating. On Thursday before the bell, the bank reported adjusted earnings per share of 78 cents, up 1 per cent year-over-year but below the 81-cent estimate of both Mr. Chan and the Street. He says in a note: "Results were positively impacted by a less than 1-cent from the cut in Alberta's corporate income tax rates. Total revenues (up 6 per cent year-over-year) were modestly lower, mainly reflecting reduced NII [net interest income]. Expenses were worse than expected, up 9 per cent year-over-year. PCLs [provisions for credit losses] were much lower, with stable credit quality in the underlying book. CWB has tempered fiscal 2020 EPS growth expectations to mid-single digits, having accomplished material organic growth. Nevertheless, we view results as resilient in a tough market environment (particularly Western Canada). ... We remain cautious near term and on the sidelines, due to expected moderation of organic growth."