TD upgraded to Outperform after ‘excessive’ selloff at Scotiabank

Scotiabank upgraded TD Bank to Outperform from Sector Perform with a C$104 price target. The post-earnings the selloff "stood out as excessive," the analyst tells investors in a research note. Uncertainty surrounding the First Horizon (FHN) deal is an overhang, but the impact on numbers is "very modest," the analyst tells investors in a research note. TD’s net interest margin expansion is slowing, but the bank has "impressed by delivering best-in-class operating leverage in a challenging expense environment," writes the firm. It sees a buying opportunity following the share pullback.