Pyle's Comments TD (TD TSX)
The stock has been disproportionately hit by the U.S. banking mini-crisis, with a loss of 11 per cent since the start of the year, versus a 4.3 per cent drop for the group as a whole. Even though TD missed on second-quarter estimates, it stands out in terms of having one of the better performances on credit losses than the peer group. The P/E of 9.11 and estimate P/E of 9.5 are below long-term averages. The bank will be holding its investor day this Thursday.
TOP PICK
Toronto Dominion (TD)(TD-T)
05/06/2023
Pays a rock solid dividend and PE's are very low now and don't make sense. Glad that they didn't buy First Horizon. Canadian banks were unfairly sold off due to the US regional bank crisis. Earnings weren't great for the banks, though. TD's loan loss provisions weren't as great as expected, capitalization is great, and their dividend is safe. Take advantage of depressed valuations now.
(Analysts’ price target is $92.30)
Banks
Andrew Pyle
$77.600
Owned