TD Bank downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank analyst Meny Grauman downgraded TD Bank (TD) to Sector Perform from Outperform with a price target of C$86, down from C$95. Leaving earnings season for the Canadian banks, the firm is “still biased towards a higher for longer scenario,” and as a result its top pick in the group remains Bank of Montreal (BMO), the analyst tells investors. The firm downgrades TD given its inability to benefit from restructuring charges due to its U.S. AML issues and its view of the bank’s buyback as “less of a differentiator.”