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TD Bank Price Target Raised to $156 at RBC

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RBC Capital Markets raised its price target on Toronto-Dominion Bank (TD.TO, TD) to $156 from $138.

Analyst Darko Mihelic maintained an Outperform rating on shares of the Canadian bank.

"TD's adjusted results were above our expectations across most segments except for Canadian Personal and Commercial Banking," Mihelic said in a note to clients. "PCLs and non-interest expense were both better than we anticipated."

"We like what we saw with respect to the US business but at the margin see slightly lower earnings in Canada and we scaled back buybacks a touch," the analyst said.

"We modestly increase our core earnings estimates across most segments and we see the investment case as still better than most other Canadian banks we cover."

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