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
TOP PICK
Has done a great job of managing its business for a number of years. Missed the ABCP problems and haven't been exposed to CDO’s in any meaningful way. Indicates good management. Trades at a bit of a premium to the average. If you are worried about volatility, this is a safer place.
DON'T BUY
Bank of Nova Scotia (BNS-T), Royal Bank (RY-T) and Toronto Dominion (TD-T) are probably the most expensive banks in North America and possibly even the European banks. The upside in his model price is in single digits. The most upside to his model prices are National Bank (NA-T), CIBC (CM-T) and Bank of Montreal (BMO-T).
WAIT
Has suffered because on its exposure in the U.S. The management is some of the best in the banking industry. TD is approaching a good price and it’s a good company. Prefers BMO, it can better deal with this environment, pays you while you’re waiting.
TOP PICK
Made several acquisitions in the U.S. Want to grow their retail franchise. Have been very smart. Getting it at a decent price, at a decent multiple with a decent yield.
TRADE
Thinks this is the middle of the pack, have stronger management. Thinks that the acquisitions in the US have been ill timed.
DON'T BUY
Seems to be weathering well. This might be the first one to go. Don’t try to start bargain hunting yet.
BUY
(Market Call Minute.) Likes this bank.
TOP PICK
Likes their strategy of focusing on the retail market. Best in class. Highest return on equity. With the Commerce Bancorp (CBH-N) acquisition it will make the bank really focus on its retail operations. Trades at 2.2X book and is the only bank that increased its dividend this year.
HOLD
(Market Call Minute.) The only bank that raised their dividend this quarter. Results were better than the other banks but to have a large and growing exposure to the northeast US.
DON'T BUY
If he had to pick a bank, this is probably the one he would pick because of their strong focus on retail banking. The problem is, this group is out of favour and will continue to be so.
COMMENT
2% upside on his model price.
TOP PICK
Very good opportunity at this point. Very strong management team and has the largest retail exposure, which should continue to do well.
BUY
Interest rates are coming way, way down and banks do well in a declining interest rate environment. They have stated they are free of any sub prime entanglements. They have also indicated that their acquisition they are buying in the US is also free. Good dividend.
DON'T BUY
In the process of buying Commerce Bank, which they announced near the top of the banking cycle. Valuations of US banks have dropped dramatically but he doesn't see any price change in this deal. TD North has not been performing very well either.
COMMENT
Chart shows how volatile banks have become recently. If you really want to own a bank for the long-term, this is as good as you are going to find. He is avoiding banks at this time.
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