Toronto-Dominion Bank (TD.TO) Buy, Sell or Hold

Toronto-Dominion Bank (TD.TO)

171.48

+1.11 (0.65%)

as of Sep 18, 2026, 8:00:00 pm Market Open.

2220 watching

DON'T BUY

Have been adding to their US side of the business. Some of the US numbers have been weak. Expects only modest growth from Canadian banks.

HOLD

Canadian banks are not excessively cheap but you can expect an 8% to 12% return, which is pretty good. Although they've had some problems with the US franchise, this is getting sorted out.

TOP PICK

(A Top Pick May 31/06. UP 15.6%.) Their US TD Bank North is taking a write-off, about a 4%-5% restructuring of staffing. Growth plus dividend gives about a 15% return.

COMMENT

A little concerned that profit growth on banks will slow down this year. Loan losses are probably at cycle lows. If the economy slows down, these may start to rise. Likes this one better than most.

BUY

Likes this bank. Canadian banks have no US sub-prime mortgage exposure. There is now a big valuation spread between the two. Could be at a point where Canadian banks may be sold in order to buy US ones.

BUY

Banking sector has had a great run in the last 3 years. Expects this year will be a dividend plus 3%-4% year giving a 7% to 8% return. This one has a slightly better retail branch operation.

COMMENT

Its US subsidiary, Bank North, will benefit from the conservative nature of its Canadian parent’s lending practices and shouldn't be hit as hard by sub-prime and prime mortgage problems.

COMMENT

Believes they do have exposure, through their US Bank North, to sub prime mortgages. This could be affecting them in the short-term.

COMMENT

Likes the banks in general, but this one wouldn't rank as high as some of the others. Have more problems in the US than some of the others. Prefers Bank of Nova Scotia (BNS-T), which has more growth potential because of its Caribbean and Latin American exposure.

PAST TOP PICK

(A Top Pick Dec 7/06. No change.) Worries about interest-rate cuts and bad debts held the stock back. He still likes and would buy.

TOP PICK

Excellent quarter. Well-managed. At current price, his target would give you 10%-11% plus the dividend for a total of 13%-14%. Good entry point.

COMMENT

Investors are looking at this one because of their expansion into the Northeast US through TD Bank North. Earning an extraordinarily high ROE at the present time. Its profile is more retail than a lot of the banks. He prefers other banks.

COMMENT

Earnings growth on Canadian banks looks good, but the valuations relative to US and global banks have crept up considerably. If he had to pick one bank, this would be the one because of their domestic business, which continues to be strong.

PAST TOP PICK

(A Top Pick Nov 15/06. Up 3.8%.) Would still be his favourite of Canadian banks. Still doesn't have their US Bank North firing on all cylinders but is starting to turn around.

COMMENT

At about the midpoint in the range of valuation for Canadian banks. Royal (RY-T) and Bank of Nova Scotia (BNS-T) are his favourites, followed by CIBC (CM-T). This Bank would be his 4th pick.

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Toronto-Dominion Bank (TD.TO)