TD Bank Group (TD) and the Canadian Association of Black Lawyers (CABL) announced Wednesday the launch of new programs aimed at supporting the professional aspirations of Black Canadian lawyers, and increasing diversity and inclusion in the country’s legal community, where Black lawyers continue to be grossly under-represented, especially in senior management positions.
Together, TD and CABL have created a series of programs to accelerate the professional advancement of Black lawyers, from college students to seasoned professionals.
CABL members will have access to individual and group coaching sessions, networking, mentoring and career development advice, and personalized financial planning and wealth management support from TD.
This approach aims to compensate for the lack of opportunities offered to Black Canadian lawyers so that the Canadian legal environment is more equitable.
“Together with the Canadian Association of Black Lawyers, we have developed a collaborative approach that brings our philanthropy, people and business together, and aims to change the future of Canada’s law profession and support the career aspirations of many Black lawyers,” said Norie Campbell, Group Head and General Counsel, and lead of TD’s Environment, Social and Governance (ESG) strategy.
For the first cohort of the program, TD matched 15 CABL members with experienced TD lawyers to build successful mentoring relationships. TD and CABL are determined to replicate the experience with other cohorts, including a second as early as 2022.
TD will also provide financial advice to CABL members at different stages of their careers. (See Analysts’ Top Stocks on TipRanks)
On October 1, National Bank analyst Gabriel Dechaine upgraded TD to Buy from Hold, and raised its price target to C$93 (from C$89). This implies 8.6% upside potential.
Dechaine stated that TD stock is “poised for a catch-up trade” after lagging behind its peers with only a 17% increase since the start of the year. The analyst sees the third quarter of Toronto-Dominion “as the start of a turnaround”. He believes TD is better positioned to earn positive estimate revisions.
Overall, TD scores a Moderate Buy rating among Wall Street analysts based on five Buys and four Holds. The average Toronto-Dominion Bank price target of C$93.92 implies 9.7% upside potential to current levels.
TipRanks’ Smart Score
TD scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market.