TSE:TD

Toronto-Dominion Bank (TD.TO)

171.48
+1.11 (0.65%)
as of Sep 18, 2026, 8:00:00 pm Market Open.
2220 watching
0
COMMENT
Long-term outlook for Canadian banks in general is excellent. This is one of the better run ones. Returns on their US Bank North have been low and they have changed management and will be able to build on it.
BUY
Model price is $73.73, a 9% positive differential.
BUY
His favourite. Out of favour having lagged the others with their troubles with US TD Bank North, which got squeezed on margins. Bank North is a small percentage of their assets and is an easier fix.
WEAK BUY
Everyone should have bank representation and this is a good one to own. Feels there’s better valuations in banks outside of Canada.
DON'T BUY
Financials have had a great run. This one is the weakest of the 5 banks. Having some problems with their credit and loan quality that the others are not having. Growth hasn’t been up to par.
BUY
Banks are a relatively good place to be. Earning extremely good return on equity. Capital investment market has been fairly strong. Not as interest sensitive as they used to be. Good dividend yields. Recently made an offer to Buy in the rest of their US asset, Bank North. Slowdown in the US could be a concern,
TOP PICK
Has been the under performer in banks because of concerns of their US holding, Bank North. This is turning around, making acquisitions, etc. Expect earnings will increase next year. 2.8% dividend could be increased.
BUY
The cheapest bank in terms of current valuation. Good yield. One of his favourites. Likes that they have taken over management of their US Bank North subsidiary.
BUY ON WEAKNESS
Banks are great long-term investments. Historically they increase their dividends every year. In the short term, this one could be in for a little bit of rocky road because of their US Bank North holdings. This is probably the best run Canadian bank long term.
TOP PICK
(A Top Pick Aug 10/06. Up 13.7%) Has moved, so it’s probably average for the rest of the group, but feels it’s the best bank. US side is slowly turning around. Looking for 11%-12% total return.
BUY
Banks are going to do OK. Feels rates are going to stay the same giving them leeway to raise dividends, which is the reason to own them. Royal (RY-T) and Toronto Dominion (TD-T) are the biggest retailers, so have the highest margins.
BUY ON WEAKNESS
One of the top 2 banks in Canada. Excellent retail franchise. US operations created some market concerns, but only represents 14% of earnings. Up 5%-6% in the last week because of income trust issues. Expect financials to roll back a little bit.
BUY
Their US subsidiary, Bank North, has been disappointing. Have had a change of management. Still likes this bank overall.
PAST TOP PICK
(A Top Pick Aug 21/06. Up 5.8%.) They are having some issues on earnings from their US operations.
WEAK BUY
It would rank 4th out of the 6 banks that he looks at, but it is part of a group of interest sensitive, high ROE, stable companies. Prefers others.
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