Scotiabank downgrades TD on lack out guidance amid uncertainty

Scotiabank downgraded TD Bank (TD) to Sector Perform from Outperform with a price target of C$81, down from C$98. The firm understands why TD pulled its medium-term financial targets, but does not see why investors need to wait until the second half of next year to get a clearer sense of what management believes is the earnings power of the company under its U.S. consent order. While the incoming CEO wanting to conduct a strategic review is reasonable, these are “no ordinary times for the bank,” the analyst tells investors in a research note. Scotiabank expected a “little more guidance amid all the uncertainty.”