Friday’s analyst upgrades and downgrades
Toronto-Dominion Bank (TD) reported third-quarter earnings that exceeded analyst expectations, driven by strong performance in wholesale banking and lower credit loss provisions. Analysts at RBC Dominion Securities have responded with positive outlooks on the bank's EPS growth and capital return potential.
Why it matters
Strong earnings from a major financial institution serve as a key indicator of broader economic health and banking sector stability.
Inside the Market’s roundup of some of today’s key analyst actions
Following the release of Toronto-Dominion Bank ’s ( TD-T ) third-quarter results on Thursday, RBC Dominion Securities analyst Darko Mihelic sees “good EPS growth and capital return for the foreseeable future.”
“Stronger than expected results were broad-based across the segments, particularly in Wholesale Banking and Corporate,” he added in a client note. “The bank updated its total PCL [provisions for credit losses] guidance to near the lower end of its previously disclosed range and expects to significantly outperform its core EPS and core ROE targets for F2026. Its core ROE of 16.0 per cent this quarter was in line with its medium-term target of 16 per cent. The bank outlined its capital return potential as close to $13-billion over and above dividends next year – we model $8 billion+ in buybacks in 2027.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in