Toronto-Dominion Bank

TD · TORONTO

$124.61−$0.51 (−0.41%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $125.12

TD analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 17 analysts

Average $132.25 (+6.1% upside)

Low: $118.68
Now: $124.61
High: $146.56

Upgrades and downgrades

The latest rating actions, newest first

TD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Jun 1, 2026	Maintains	Outperform	$138.00 → $156.00	64%
Scotiabank	May 4, 2026	Upgrade	Sector Perform → Sector Outperform	$150.00	44%

The case for and against

Updated Feb 9, 2026

Bull case

Toronto-Dominion Bank has demonstrated a positive trend in its Canadian personal and commercial banking segment, with an uptick in net interest margin to 3.19%, indicating improved profitability. The bank's EPS estimates have been revised upward, with the F2025 estimate increasing by 2% to $8.19 and the F2026 estimate rising by 3% to $8.86, driven by a favorable credit outlook in Canadian P&C banking. Additionally, TD Bank's strong market presence in both Canada, which accounts for over 50% of its revenue, and the US, contributing around 44%, positions it well for sustained financial growth.

Bear case

Toronto-Dominion Bank reported a core cash EPS of $2.20, which, while exceeding both internal estimates by 5% and consensus by 7%, does not sufficiently mitigate broader concerns regarding the bank's financial stability and market conditions. The significant dependence on the Canadian market for over 50% of its revenue raises potential risks related to economic fluctuations in Canada, particularly in the current volatile financial landscape. Additionally, with 44% of revenue stemming from US operations, any adverse changes in the US banking environment could further impact TD Bank's overall profitability and growth prospects.

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