TD Bank Group and Yodlee announced Tuesday a North American data access agreement to meet the needs of a growing digital customer base. TD Bank is the 13th Bank in North America to sign such a data access agreement with Yodlee.
This agreement signals alignment between TD and Yodlee on protocols enabling safe and secure access to TD customer financial data. (See Toronto-Dominion Bank stock charts on TipRanks)
Customers won’t need to share their bank login ID or password anymore because TD will now transfer their financial data to Yodlee through application program interfaces (APIs) at their request.
“We know that our customers are interacting with us through digital channels more than ever before and we are focused on helping meet their needs however they choose to bank,” said Franklin Garrigues, VP, Digital Channels, TD. “This agreement supports our goal of offering our customers a secure and confident experience when they are accessing digital services that are outside their bank.”
On September 7, Barclays analyst John Aiken upgraded TD to a Buy from a Hold, with an unchanged price target of C$89. This implies 8.4% upside potential.
Aiken said that the market’s disappointment with TD’s earnings pushed its valuation below the group. He sees “several catalysts” that could lead to relative multiple expansion, including the bank’s excessive capital.
Overall, TD scores a Moderate Buy rating among Wall Street analysts based on three Buys and five Holds. The average Toronto-Dominion Bank price target of C$92.55 implies 12.1% upside potential to current levels.
TipRanks’ Smart Score
TD scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are likely to perform in line with the overall market.