TD Bank upgraded to Sector Perform from Underperform at National Bank

National Bank analyst Gabriel Dechaine upgraded TD Bank to Sector Perform from Underperform with a C$78 price target. The regulatory fine provision “clears the deck” for potential CEO succession, which could include an external candidate, says the firm, which expects Street estimates to be cut closer to its 2025 view, or about 6% below pre-Q3 consensus. However, despite the upgrade, National Bank notes it would still position TD in the bottom half of its bank pecking order, especially over the longer term, as TD’s relative growth may trail peers.