National Bank analyst Gabriel Dechaine raised the firm’s price target on TD Bank (TD) to C$124 from C$116 and keeps a Sector Perform rating on the shares after its Q4 results. At 10%, TD overshot its 5%-7% targeted expense growth rate in 2025, but within the context of much stronger than expected revenue growth that impacted variable compensation expenses and which provided additional capacity to accelerate investment initiatives, this outcome was acceptable to investors, the analyst tells investors in a research note.
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