01:05 PM EST, 02/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our target price by $1 to $61, 9.9x our FY 2025 (Oct.) EPS view of CAD8.35 (USD6.15), modestly above the peer average P/E of 9.7x. We lower our FY 2024 EPS estimate to CAD7.90 from CAD8.23 and FY 2025's to CAD8.35 from CAD8.44. TD posted adjusted Jan-Q EPS of CAD2.00 vs. CAD2.23 a year ago, beating the CAD1.93 consensus. Weakness was identified in U.S. Retail (-6% Y/Y) as higher deposit costs outweighed 9% personal loan growth and 7% business growth. Strength was seen in Wealth Management & Insurance (+8%), given higher insurance premiums and fee income. Although TD's credit quality continues to outperform peers, deterioration was evident as gross impaired loans rose to 0.41% vs. 0.31% a year ago. With TD sitting on excess capital (CET1 ratio of 13.9% as of Q1), the bank repurchased 21 million shares in the quarter and has cut its S/O by 3% over the past two quarters. Although shares should continue to be supported by buybacks going forward, a strained Canadian consumer keeps us at Hold.