National on tdStill, despite a cautious view, National Bank on Thursday upgraded TD to sector perform from underperform considering the regulatory fine provision "clears the deck" for potential CEO succession, which could include an external candidate. Also, National expects street estimates to be cut closer to its 2025 estimate, which is 6% below pre-Q3 2024 consensus. But despite the upgrade, National "would still position TD in the bottom half of our bank pecking order, especially over the longer term, as TD's relative growth may trail peers."