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

BUY

Canadian banks as a group are attractive right now. The entire space should fare well. US banks valuations have come up, whereas Canadian ones are still undervalued. He also likes RY and TD.

PAST TOP PICK

(A Top Pick Mar 10/20, Up 37%) It will be a good year for banks. Earnings were up 10% yoy and reached record high. Their provisions for credit losses are at 15 year low. Have to give kudos to the Canadian government. Has the strongest capital position among banks which will be deployed as soon as they can. The volumes of their discount broker is very busy and doing very well.

PAST TOP PICK

(A Top Pick Jan 08/20, Up 4%) Has developed a great US franchise that will continue to grow. Selling Ameritrade business to Schwab was a good move that will grow their retail business. TD is well-capitalized like all Canadian banks. Real estate is an ongoing worry in Canada, but TD has a diversified loan book and income stream--not just loaning money, but credit cards, asset management and investment banking. TD is not pricey at current levels, so you can buy it. Pays a great dividend. Banks will improve their cost structure, particularly in the back office. There may be an inflection point later where customers bank online and don't go to actual branches.

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TOP PICK

Given their oligopoly, Canadian banks march in line, but TD (along with Royal Bank) remain the favourite of Canadian investors. The big reason is TD's large business in the States. It's 11.2x PE is also lower than the industry average of 12.6x. That said, expectations for TD as interest rates aren't expecting to leap anytime soon and will be lucky to rise 25 basis points in 2021.

HOLD

Canadian banks are under huge pressure with rates so low. Possible that rates go negative next year, and that's a tax on fixed income. One of Canada's strongest banks, along with Royal. They'll figure out a way to make money, no matter what the environment.

BUY

Canadian banks are still safe places to park your money. Cyclical area that's well positioned to benefit post-pandemic. Post-pandemic, loan provisions will fall, higher credit card use, more consumer spending. Good long-term. Keep an eye on disruptive fintech.

STRONG BUY

Huge fan. One of the best franchises, here and in the US. Trades at 11x earnings, not expensive. Well capitalized to cover Covid loan losses. Canada's regulatory system protects banks, unlike the US. Will see some depressed margins because of low interest rates, but diversified businesses help them make up revenue growth.

TOP PICK

She likes the Canadian banks. This is a core holding. They have one of the strongest capital bases out there. As the economy recovers this will be beneficial for the credit environment. Next year they will be allowed to increase dividends and buy back shares. (Analysts’ price target is $75.09)

DON'T BUY

The big risk for financials is if governments do not borrow enough. The banks are at these levels due to support from government. It has only risen above $70 a couple times in the past and it looks to be unsustainable. He would be cautious on banks.

BUY

About the best performing Canadian bank. Good, strong exposure to the US. Banks do well when yield curves steepen and they participate in the economic cycle. Very comfortable buying it here.

HOLD

Fears of future debt by governments The banks in North America have been market laggards, waiting for a recovery in the economy and the yield curve. TD is now bigger in the US than Canada, but he prefers owning a US bank directly. But TD is fabulously run. No reason to sell this.

BUY

Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

BUY ON WEAKNESS

Likes the group as a whole. Level of loss provisions has peaked. US economy has improved faster than thought, a good sign. In Canada, financial assistance has helped on the mortgage side. Watch as mortgage moratorium ends. Yields are attractive, but not allowed to increase this year. Attractive valuation. Hold, and buy on weak days like today.

BUY

Beaten up, value play. Trade around your favourites with the banks. Low US margins have punished TD. Steepening yield curve in the States, and looking to continue, need to start re-rating TD. Great story, dividend, and valuation. Probably can't go wrong buying at these levels.

HOLD

Going forward, Canadian banks will face low interest rates for quite some time, as well as a struggling economy. Government won't allow mass credit losses. Banks will muddle along, you get your dividend. TD is his first choice of the Canadian banks.

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Toronto-Dominion Bank (TD.TO)