Desjardins Upgrades TD Bank (TD), Cites Strong Canadian P&C Business and Deposit Base

The Toronto-Dominion Bank (NYSE:TD) ranks among the best diversified bank stocks to invest in right now. On August 13, Desjardins raised its price target for The Toronto-Dominion Bank (NYSE:TD) from C$97 to C$107, upgrading the stock from Hold to Buy. The boost coincides with Desjardins praising the messaging from TD’s management team and highlighting a notable improvement in the bank’s communication over the previous six months.

One of the main reasons for the financial institution’s promising future, according to Desjardins, is TD’s excellent Canadian P&C banking business and substantial deposit base.

The firm also cited TD’s proactive actions leading up to its September investor day, such as selling its Schwab position and repurchasing shares, as justifications for the more optimistic outlook.

Based in Toronto, Ontario, The Toronto-Dominion Bank (NYSE:TD), also referred to as TD Bank Group, is a multinational banking and financial services company that provides wealth management, insurance, personal and business banking, and wholesale banking services.

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