11:19 AM EST, 03/01/2024 (MT Newswires) -- TD's results were modestly weaker than RBC expected; the main difference versus RBCe was expenses.
Analyst Darko Mihelic is lowering estimates in all segments (except Corporate). Nothing new has been revealed with respect to TD's AML issues, and Mihelic continues to use a "lower than typical" valuation multiple for TD until it fully understands the ramifications of its AML transgressions.
"Unless the AML issues result in a significant capital charge and substantially punitive remedies that exceed current cost/timing expectations, we see relatively decent potential upside for the stock."
Maintain Outperform rating. Target at $87.
Price: 81.18, Change: -0.31, Percent Change: -0.38