- Like most other Canadian banks, Toronto-Dominion shares have held up better than many American counterparts this year.
- Toronto-Dominion offers well above-average rate sensitivity, but loan growth needs to improve and operating leverage seems more limited in the near term.
- First Horizon looks like an attractive opportunity to drive improved long-term growth, but the deal is unlikely to be a big synergy driver in the near term.
- Toronto-Dominion shares look about 20% undervalued today, but consumer lending demand remains a key driver to watch.
For further details see:
Toronto-Dominion Undervalued, But Not Exactly Defensive