Toronto Dominion Bank: CIBC World Markets Forecast 20% Upside for Stock
Toronto Dominion Bank (TD:CA)
On September 6, 2024, CIBC World Markets (Analyst Rank #14) issued a research report and revised its 12 month target price for Toronto Dominion Bank (TD) to CAD 100, up from CAD 88. This valuation upgrade reflects a more optimistic view of TD Bank’s future performance, signaling confidence in the bank’s potential to outperform its previous valuation. The “Outperform” rating suggests that CIBC expects TD Bank’s stock to perform better than the market or its peers.
Analyst Consensus and Forecast
The average target price for Toronto Dominion Bank, according to forecasts from 14 analysts, is CAD 84.13 over the next 12 months. This average target suggests a moderate growth potential from the current stock price, indicating that analysts generally expect some appreciation but not as much as CIBC’s revised target suggests.
Stock Target Advisor’s Analysis
Stock Target Advisor’s assessment of Toronto Dominion Bank presents a more cautious view, describing the stock as “Bearish.” This analysis is based on 2 positive signals and 6 negative signals, highlighting a range of concerns about the stock’s performance. Key points from the analysis include:
Positive Fundamentals
Negative Fundamentals
At the last closing, Toronto Dominion Bank’s stock price stood at CAD 81.77. The stock has experienced modest changes:
- +2.00% over the past week
- +3.97% over the past month
- +0.02% over the last year
These figures indicate some recent improvements but relatively stable performance over the longer term.
Outlook
TD Bank’s stock is currently receiving mixed signals from analysts. While CIBC World Markets has increased its target price to CAD 100 and assigned an “Outperform” rating, reflecting a bullish outlook, Stock Target Advisor’s analysis remains bearish, highlighting several negative indicators despite some recent positive movements. Investors should carefully consider both the optimistic target set by CIBC and the cautious signals from other analyses when making investment decisions regarding TD Bank.
