Toronto-Dominion Bank (TD) Upgraded to Buy at Desjardins

The Toronto-Dominion Bank (NYSE:TD) is one of the best Goldman Sachs bank stocks. On August 13, Desjardins changed the rating on Toronto-Dominion Bank to Buy from Hold to Buy, while also bumping up its price target to C$107 from C$97.

According to Desjardins, the bank’s communication has improved significantly over the last half-year, which led to the upgrade. The positive outlook also reflects the firm’s focus on TD’s strong Canadian P&C banking segment and resilient deposit franchise.

While risks related to anti-money laundering remediation and the US asset cap persist, Desjardins highlighted that they impact just 25% of earnings and are well disclosed, with upside potential in American banking next year.

The Toronto-Dominion Bank (NYSE:TD) is a major financial institution that serves customers in Canada, the United States, and internationally. It operates through four main segments, namely Canadian Personal and Commercial Banking, US Retail, Wealth Management and Insurance, and Wholesale Banking.

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