As previously reported, CIBC analyst Paul Holden upgraded TD Bank (TD) to Outperformer from Neutral with a price target of C$97, down from C$100, after Charles Schwab’s (SCHW) earnings report, noting that TD is the largest shareholder in Schwab. Schwab reported Q1 results that were better than expected and "addressed tail risk concerns," according to the firm, which also notes that TD shares have significantly underperformed Canadian bank peers year-to-date. A revised offer for First Horizon (FHN) and TD’s fiscal Q2 results "represent potential upside catalysts," the firm added.
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Published first on TheFly
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