トップ > ニュース一覧 > 記事
Bank of America upgrades TD to 'Buy,' citing confidence in incoming CEOン
Bank of America upgrades TD to 'Buy,' citing confidence in incoming CEO

In This Article:

A pedestrian passes by a TD Bank branch in Washington, DC on October 10, 2024. Canada's TD Bank has agreed to pay more than $3 billion in penalties for failing to adequately monitor money laundering by drug cartels, US officials said on October 10. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
TD Bank's leadership change is being fast-tracked, with incoming CEO Raymond Chun now taking over February 1 instead of in April. (Photo by MANDEL NGAN/AFP via Getty Images) · MANDEL NGAN via Getty Images

Bank of America (BofA) analysts upgraded Toronto-Dominion Bank (TD.TO)(TD) to a “Buy” rating on Friday, citing “increased confidence” in the bank’s leadership.

BofA Securities joins several other institutions that have identified upside in TD’s stock after a year of turmoil in 2024 defined largely by anti-money-laundering issues in the U.S. and consequent penalties.

In a note to investors, BofA analyst Ebrahim H. Poonawala writes that the upgrade is driven by “increased confidence new leadership under CEO Raymond Chun … can fix the U.S. [anti-money-laundering] issues while driving the franchise toward improved profitability relative to our current forecast.”

BofA raised its price target for TD from $78 to $92 per share. Toronto-listed shares of Canada's second-largest bank were up 4.61 per cent to $83.26 as of 12:45 p.m. Friday.

Poonawala notes that TD is trading at 10.2 times the 2025 price-to-earnings ratio (P/E), well below that of Royal Bank of Canada (RY.TO — which trades at 13.3x) and the median for other major Canadian banks (11.7x). “We believe the stock is more than adequately discounting downside risks, while giving little credit for improved execution,” he writes.

TD announced today that Chun’s start date would move forward from April to February 1. That change, as well as the addition of new directors, is “likely to be received positively by investors who have sought more accountability from TD leadership,” Poonawala writes.

There had been concerns at BofA that Chun, as a “TD lifer” would be unable to “bring the cultural change that the bank needed,” Poonawala says. But after a recent meeting with the incoming CEO, BofA is “more inclined to see him as an internal activist.”

Another meeting, with TD’s U.S. bank CEO Leo Salom, offered reassurances around TD’s anti-money-laundering (AML) strategies, Poonawala writes. BofA is more confident that TD management “has the AML issue ring fenced with a clear understanding of what is needed to get to the other side and exit the asset-cap on the retail bank,” he says. Furthermore, 70 per cent of the U.S. operations are not subject to the asset cap, Poonawala says, so U.S. capital markets can “serve as a growth engine.”

The BofA upgrade follows upgrades from BMO on December 19 (to “Outperform”) and Jefferies on December 12 (to “Buy”).

続きを読む

Advertisement

Advertisement

あなたにおすすめ
Millie Bobby Brown Takes Florals to the Next Level at “The Electric State” Fan Screening in New York
Millie Bobby Brown Takes Florals to the Next Level at “The Electric State” Fan Screening in New York
Taylor Hill/WireImage
Loretta Devine Says She Had a 'Mixed' Experience Working with Jennifer Love Hewitt on“ The Client List” (Exclusive)
Loretta Devine Says She Had a 'Mixed' Experience Working with Jennifer Love Hewitt on“ The Client List” (Exclusive)
Michael Desmond/A&E
Canada advances to face U.S. in final at 4 Nations Face-Off after beating Finland
Canada advances to face U.S. in final at 4 Nations Face-Off after beating Finland
Canada advanced to face the United States in the final of the 4 Nations Face-Off after beating Finland 5-3 on Monday in Boston.More to come.

Advertisement

Advertisement

Kevin Spacey tells Guy Pearce to 'grow up'
Kevin Spacey tells Guy Pearce to 'grow up'
Kevin Spacey has told Guy Pearce to "grow up" after the actor claimed he was "targeted" by his former co-star. The 65-year-old actor has taken to social media to hit back at Guy's recent claims, insisting that the 57-year-old star is "not a victim". In a video posted on X, Kevin - who starred alongside Guy in the 1997 movie 'L.A. Confidential' - said: "Guy Pearce, I've now read the comments that you made about me and while I would have preferred not to have to play this out in the media, you obviously have your own reasons for wanting to do exactly that. "But, we worked together a long time ago, you know? If I did something then that upset you, you could've reached out to me. We could've had that conversation. But instead, you've decided to speak to the press, who are now coming after me because they would like to know what my response is to the things that you've said. "You really want to know what my response is? Grow up." Kevin - whose career previously went into freefall after he was accused of sexual misconduct by a number of men - actually recalled spending time with Guy after they filmed 'L.A. Confidential'. He continued: "Did you also, by the way, tell the press that a year after we shot 'L.A. Confidential', you flew to Georgia while I was shooting 'Midnight in the Garden of Good and Evil' just to spend time with me?" Kevin also questioned why his former co-star took so long to voice his concerns. The actor - who was acquitted by a jury of sexual assault charges in 2023 - explained: "Here you are now on a mission some 28 years later, after I've been through hell and back, to do what? "I've got nothing to hide. But Guy, you need to grow up. You are not a victim." By contrast, Guy recently claimed that he was "targeted" by his former co-star. The actor told the 'Awards Chatter' podcast: "I was sort of scared of Kevin because he’s quite an aggressive man. "He’s extremely charming and brilliant at what he does - really impressive, etc. He holds a room remarkably. But I was young and susceptible, and he targeted me, no question."
Couple Admires Beautiful House on Daily Walks. Then, They Leave a Note in the Mailbox with an Unusual Request (Exclusive)
Couple Admires Beautiful House on Daily Walks. Then, They Leave a Note in the Mailbox with an Unusual Request (Exclusive)
ChristinaAnnButkus/TikTok
‘Richard II’ Review: Jonathan Bailey Shows Off His Shakespearean Chops in a Stern, Stripped-Down Production
‘Richard II’ Review: Jonathan Bailey Shows Off His Shakespearean Chops in a Stern, Stripped-Down Production
“Nothing in his life became him like the leaving it.” OK, that’s the wrong play since it’s a line from “Macbeth,” but it best sums up Jonathan Bailey’s performance in the new London production of “Richard II”: The actor cranks up several gears the moment his character is forced by usurper Henry Bullingbrook to give up the throne of England for a life of imprisonment in the second half of director Nicholas Hytner’s staging of Shakespeare’s history play. But the fact that Bailey takes time to catch fire is not entirely his fault, since neither Shakespeare nor Hytner make life easy for him. Given that the play is set at the close of the 14th century, it’s no surprise that Hytner believes the play, which depicts the ushering in of a nation’s decades-long succession crisis, needs contemporary reference points. That explains composer Grant Olding’s doom-laden, grinding, low strings that herald a driving rhythm and a light-touch, bitter piano melody opening the production, a clear hat-tip to Nicholas Britell’s Beethoven-tinged theme to “Succession.” It also governs Bob Crowley’s crisp men-in-black-suits design. The antithesis of the exuberantly colored “Guys and Dolls,” the last show to play at Hytner’s physically versatile Bridge Theatre (and which ran almost two years), this limited run of “Richard II” is stripped-down and stern. Gone is the expected heraldry and splendor of the English court in which King Richard traditionally basks. Instead, the audience is arranged in the round observing a traverse-style black runway staging with changing, minimal locations being lifted up through the floor on hydraulics. It makes for welcome fluidity, highly useful in a play that, for the first half at least, moves through an uncomfortable number of locations and a load of exposition.This is a story about the threat to the kingdom and, specifically, Richard, who ruled neither wisely nor well with absolute power by ancient Divine Right. The nation is torn apart by the plots and counterplots of men and their forces loyal to the crown and those backing Henry Bullingbrook, the Duke of Hereford who, successfully as it turns out, puts his eyes on the ultimate prize and steals it.That the tussle for dominance between the men is so potentially dramatic is illustrated by the fact that around fifty years ago, Richard Pasco and Ian Richardson, two leading Shakespeareans of their day, alternated the roles when they led the play in a celebrated RSC production. Here, alas, the balance is uneven. Royce Pierreson is nicely forthright and determined but his performance is unvarying. The wonderfully character-driven abdication scene between the two men is the production’s highpoint, but elsewhere Pierreson’s determination is too one-note. Anyone questioning the wisdom of the star-casting of “Bridgerton” and “Wicked” talent Bailey should bear in mind that he played Cassio in Hytner’s riveting “Othello” at the National Theatre back in 2013 and followed that with an arresting Edgar/Mad Tom opposite Ian McKellen’s King Lear for director Jonathan Munby. As a result, his handling of the language and, crucially, the intent behind it, is entirely easeful. His king is self-satisfied and perfectly petulant, dispatching orders, and often men’s lives, with gleaming disdain. He’s even better when he’s calmly and quietly coming to understand himself and the nature of his previous selfishness in the play’s highly reflective and tender final scenes.But between those extremes of temperament, the living center of the character remains unseen, robbing the production of strength. That’s partly because he has to energize scenes that here lack force. Hytner is unquestionably one of the great directors of Shakespeare, but this production is uncharacteristically undercast in places. Some of the acting proves more proficient than powerful.

Advertisement

アクセスランキング
Too Bonkers to Be Believed? Why the Creators of the Broadway Musical ‘Operation Mincemeat’ Had to Cut Some Real-Life Details From the True Story
The real-life story behind the Olivier Award-winning musical “Operation Mincemeat” isn’t just stranger than fiction. It’s so strange that some parts of the story proved just too much for audiences to buy.
Too Bonkers to Be Believed? Why the Creators of the Broadway Musical ‘Operation Mincemeat’ Had to Cut Some Real-Life Details From the True Story
Avs Superstar Leads Canada To Crucial 4 Nations Face-Off Win, Sets Up Showdown With America
The Canadian team at the 4 Nations Face-Off faced a must-win scenario against Team Finland Monday afternoon in Boston -- and under intense pressure, the Canadians emerged with a 5-3 victory to set up a championship showdown agaist Team U.S.A. Thursday. But the win wouldn't have happened were it not for another terrific game from Colorado Avalanche superstar Nathan MacKinnon; the Canadian forward had a two-goal performance against the Finns, and he and linemate Sidney Crosby made magic once again.
Avs Superstar Leads Canada To Crucial 4 Nations Face-Off Win, Sets Up Showdown With America
Canada's economy posts jobs gain and unemployment drop, but trade uncertainty 'casts cloud' for BoC
Canada’s labour market added a net 76,000 jobs in January, surpassing analyst expectations, while the unemployment rate fell 0.1 percentage points to 6.6 per cent, according to Statistics Canada data released on Friday.
Canada's economy posts jobs gain and unemployment drop, but trade uncertainty 'casts cloud' for BoC
3 Canadian Stocks I Loaded Up on in 2024 for Long-Term Wealth
Written by Amy Legate-Wolfe at The Motley Fool Canada
3 Canadian Stocks I Loaded Up on in 2024 for Long-Term Wealth
Investors' hunger for Canadian ETFs remained strong in January, following a record 2024
Investors’ appetite for Canadian exchange-traded funds (ETFs) in January extended momentum from a record-setting 2024, according to new data from National Bank of Canada Financial Markets.
Investors' hunger for Canadian ETFs remained strong in January, following a record 2024
Bear Clan partners with Crime Stoppers and Aboriginal Alert to bring more missing Manitobans home
Bear Clan Patrol is teaming up with Aboriginal Alert and Winnipeg Crime Stoppers in hopes of finding more missing people, an initiative they say has been in the works for four years.
Bear Clan partners with Crime Stoppers and Aboriginal Alert to bring more missing Manitobans home
Factbox-What is US-Ukraine proposed 30-day ceasefire deal about?
(Reuters) - Ukraine said it would support Washington's proposal for a 30-day ceasefire with Russia after what Kyiv said were 'milestone' talks during which the United States agreed to resume military aid and intelligence sharing with Ukraine.
Factbox-What is US-Ukraine proposed 30-day ceasefire deal about?
Not Garnacho: United star “would gladly” move to Italy amid Napoli interest, Red Devils want £51m – report
Not Garnacho: United star “would gladly” move to Italy amid Napoli interest, Red Devils want £51m – report
Lauren Burnham Shares Adorable First Trimester Memories of Baby No. 4, Including Daughter Alessi, 5, Sharing a Sweet Message
Lauren Burnham/instagram
Lauren Burnham Shares Adorable First Trimester Memories of Baby No. 4, Including Daughter Alessi, 5, Sharing a Sweet Message
Hershey Bears Forward Hendrix Lapierre Named AHL Player Of The Week
Hershey Bears forward Hendrix Lapierre has been named AHL Player of the Week for the period ending Feb. 16.
Hershey Bears Forward Hendrix Lapierre Named AHL Player Of The Week
Canadians have long enjoyed favoured status when travelling to the United States. But new rules that stem from an executive order earlier this year will apply to Canadians the same as any other foreign national.
Canadians and other foreign nationals who plan to stay in the U.S. for 30 days or longer will soon be required to apply for registration and fingerprinting with the Department of Homeland Security.
Canadians have long enjoyed favoured status when travelling to the United States. But new rules that stem from an executive order earlier this year will apply to Canadians the same as any other foreign national.
Jets Drop First Game Of Road Trip 3-2 To The Islanders
The Winnipeg Jets have now lost three consecutive games, losing 3-2 to the New York Islanders to kick off their four-game road trip.
Jets Drop First Game Of Road Trip 3-2 To The Islanders
Snowbirds must soon submit fingerprints for U.S. travel under new Homeland Security rules
Canadians and other foreign nationals who plan to stay in the U.S. for 30 days or longer will soon be required to apply for registration and fingerprinting with the Department of Homeland Security.
Snowbirds must soon submit fingerprints for U.S. travel under new Homeland Security rules
Will Smith Makes Haunting Revelation About His Eerie Connection to Biggie and Prince's Deaths
Allen J. Schaben / Los Angeles Times via Getty; Larry Busacca/WireImage; Kevin Mazur/WireImage
Will Smith Makes Haunting Revelation About His Eerie Connection to Biggie and Prince's Deaths
Tori Spelling doesn't drink water
Tori Spelling doesn't drink water. The former 'Beverly Hills 90210' star, 51, has confessed she has an "aversion" to the drink and does everything she can to avoid it - revealing she opts for coconut water or soda instead and joking she's like a "cacti". During an appearance on her 'MisSPELLING' podcast, she explained: "I don't drink water. And when I say I don't drink water, I don't drink water. "How I'm still living, no one knows. I'm like a cacti. Just water me once in a while, and I somehow survive. But I have an aversion to it." She added: "I'm trying this new thing since I don't like water. I'm like, okay, I actually enjoy the taste of coconut water. "I can guzzle, like, a glass of wine in, like, two seconds. No problem. But I take a few sips of water and swallow gently, and all of a sudden, I'm like, 'I wanna puke.' " Tori - who is mom to five children with her ex Dean McDermott - went on to admit she did try drinking water during her pregnancies but it was tough. She said: "[I tried] because you have to hydrate the baby growing in you. But in my mind, I was like: 'I'm drinking for them, not myself'." The TV star also confessed she struggles with an "irrational" fear of being poisoned whenever someone hands her a drink -which baffled her ex Dean - and she joked it stems from her late father Aaron Spelling's dramatic TV shows. She explained: "I’m Aaron Spelling's daughter, hello. The creator of drama-rama storytelling ... "[Dean said] 'You're the mother of my children. Why would I want to poison you?’ And I was like: ‘Listen. It's not personal. I think this about everybody.’ " However, Tori is convinced the fear does stem from her childhood when her mom Candy would attempt to get her to take medicine by hiding it in a drink. She said: "I would say: ‘What'd you put in here? Like, what are you giving me?’ And she would say the same thing: ‘What, you think I'm trying to poison you?’ ” "This goes back to childhood. This crazy, irrational fear of handed over liquids from other people. I don't drink water. I don't call it a fear of water. I just like to say I hate water. I have an allergy to water."
Tori Spelling doesn't drink water
Andrei Kuzmenko's Debut Brings New Energy into the LA Kings
The Los Angeles Kings increased their forward depth at the NHL Trade Deadline by bringing on Andrei Kuzmenko. Kuzmenko's ability to attack the open ice brings some new energy to the LA offense.
Andrei Kuzmenko's Debut Brings New Energy into the LA Kings
Red Wings Smothered 2–1 by Carolina, Failing Test and Dropping Third Straight in Regulation
DETROIT — After the morning's skate, Red Wings coach Todd McLellan said that Tuesday evening's game would be a test.  "We're gonna get in the classroom and sit down at the desk and take the test and see what the grade is," he said.  "I'd like to think we can pass."
Red Wings Smothered 2–1 by Carolina, Failing Test and Dropping Third Straight in Regulation
UK defence minister to meet US counterpart Hegseth on Ukraine peace plan
LONDON (Reuters) - British defence minister John Healey will meet U.S. Defence Secretary Pete Hegseth in Washington on Thursday to discuss a peace plan for Ukraine, Britain's ministry of defence said.
UK defence minister to meet US counterpart Hegseth on Ukraine peace plan
DOGE website offers error-filled window into Musk's government overhaul
By Brad Heath and Tim Reid
DOGE website offers error-filled window into Musk's government overhaul
Panthers blow 2-goal third period lead, lose in Boston 3-2
Things were looking great for the Florida Panthers on Tuesday night in Boston, until they weren’t.
Panthers blow 2-goal third period lead, lose in Boston 3-2

Advertisement