Bank of America upgrades Toronto-Dominion Bank to 'Buy' as new CEO takes charge
news.yahoo.com — January 17, 2025, 08:01 PM UTC
Bank of America has upgraded Toronto-Dominion Bank (TD) to a "Buy" rating, citing increased confidence in new CEO Raymond Chun's ability to address recent anti-money-laundering issues. The price target for TD shares has been raised from $78 to $92. TD's stock has seen a positive response, rising 4.61% to $83.26. Analysts believe the stock is undervalued compared to other major Canadian banks, with TD trading at a lower price-to-earnings ratio. Chun's start date has been moved up to February 1, and new directors have been added. This change is expected to improve investor sentiment, as concerns about the bank's leadership and cultural change have been addressed.