The path ahead for Toronto-Dominion Bank is rocky, but analysts at Jefferies Financial Group Inc. are predicting a recovery in the stock’s valuation as they turn bullish on the outlook for the Canadian lender and name it a top pick for 2025.
Ebrahim Poonawala, head of North American Banks Research at BofA Securities, on TD's decision to halt its growth target following a disappointing fourth quarte
Analysts led by John Aiken upgraded Canada’s second-largest bank to buy from hold and raised their price target on the stock to C$90. While Aiken doesn’t see a rebound in valuation happening in the near term, he expects it to improve as 2025 progresses. Shares in Toronto-Dominion rose 0.4% in Toronto on Thursday, extending gains for a fourth straight session. The stock now has six buy recommendations, seven holds and two sells among analysts tracked by Bloomberg. With 2024 drawing to a close, Toronto-Dominion is not only on track to end the year as the worst performer among Canada’s Big Six banks, but the lender is also set to have its worst year since 2008.
“We believe that the downside is limited,” Aiken said. “Admittedly, the growth of its US retail banking platform has been somewhat constrained but there is no real structural change to TD’s operations.”
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