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

This has been one of the better banks to get through all these problems. It didn't have the asset-backed commercial paper. However, 10% of their assets are from TD Bank North and another 10% from TD Ameritrade in the US. Solid balance sheet and trading around 10X earnings.

WATCH

Canadian bank stocks have 2 periods of seasonal strength. Next one starts at the end of January and goes through until the end of May. Toronto Dominion (TD-T) or Royal Bank (RY-T) would be his favourites. This one is at its support level. Consider buying closer to February. Also keep an eye on the sector.

TOP PICK

Likes banks generally. Good earnings power. Made some very shrewd decisions. Ratio of bank yields to Canadian bond yields is at a five standard deviation from the norm. An opportunity to buy a great bank at a great price.

COMMENT

Banks were hit today on news that Citigroup (C-N) was going to take a $18 billion write-off. They completed 2 large US acquisitions in 2007 and nobody really knows what they bought. This is the reason for the selloff.

PAST TOP PICK

(A Top Pick March 6/07. Up 2.6%.) Still his favourite bank. Very little CDO/subprime US exposure. The Commerce acquisition in the US will be pretty well cleaned up by the time they take ownership. Still a Buy under $70.

BUY

In a fantastic position during the subprime issue as they had no exposure. The only negative for them is that they bought Commerce Bank in the US and own Bank North so there is execution risk. Have a fantastic retail network. Strong capital ratios. Also have 49% ownership in TD Waterhouse and Ameritrade.

TOP PICK

Avoided a lot of the banking problems. Good retail bankers. Very disciplined management.

COMMENT

Likes their stand on refusing to bail out others who created the mess. Have some other problems in that they made some big acquisitions on US banks. Trading at 12X current earnings and 11.5X forward. This is not his favourite bank.

BUY

This would be his Top Pick of the Canadian banks. While he thought the Commerce Bancorp acquisition was a little bit pricey, it is an excellent fit for them. This is probably the best consumer bank out there.

BUY

Recently acquired Bank of Commerce in Manhattan and at a half decent price. The growth rate with this bank is going to be attractive.

BUY

Bank stocks are starting to look very interesting. He would want to see the 4th quarter results first. He would also like to know how the banks see this coming year. If you don't own it, you might want to take a third of your position now. Until we see an end to the sub prime mess, we don't know how low the banks can go.

TOP PICK

Down almost the same percentage as the other banks but as of Nov/07 is the best performing bank. Exited US lending a few years ago so has no subprime exposure. Probably some small asset-backed commercial paper but any write-offs will be miniscule. Will have the best capital and best year over year earnings growth in this quarter.

HOLD

Likes the Canadian banks in general. Will have some exposure to the sub prime mess, but won’t be near the magnitude of their US counterparts.

BUY

His favourite Canadian bank. Looking at their long-term strategy, they know where they're going in the next 5 years and execute on that.

BUY

Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. This stock has been knocked back a bit so you are getting a better valuation than with Royal.

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Toronto-Dominion Bank (TD.TO)