TD Lowers Target from 4.75 to 3.25 rating Buy to Spe BuyTD basically worried that if tax dispute leads to international arbitration the result could be a long drawn out process and should oil prices remain depressed for most of 2016 then Bankers could face a funding shortfall. TD goes on to state that if capex for 2016 cant be funded entirely from cash flow, then a dilutive equity issue might be necessary. Really no surprises with TD position and the reduction in 12-month target is not unexpected. Should the tax issue be resolved quickly through the 3rd party audit then one would anticipate the target price to again increase.