TD Bank downgraded to Neutral at BofA on rising execution risk

As previously reported, BofA analyst Ebrahim Poonawala downgraded TD Bank to Neutral from Buy with a price target of C$88, down from C$90. The firm sees TD’s relative balance sheet positioning as “less of a differentiating factor” and its talks with investors indicate growing concern about management execution driven by the failure to complete the First Horizon acquisition and an uncertain succession plan, the analyst tells investors.