RBC Capital analyst Darko Mihelic upgraded TD Bank (TD) to Outperform from Sector Perform with a price target of C$120, up from C$93. TD’s increased focus on capital return and efficiency is a significant shift and its updated strategy its viewed favorably, the analyst tells investors in a research note. The bank is still subject to an asset cap in the U.S. and AML risks may linger longer than expected and furthermore execution is not guaranteed, the firm says.
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