08:01 AM EDT, 05/23/2024 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) reported a "sizeable" earnings per share beat that should have a positive impact, CIBC Capital Markets said on Thursday.

TD's adjusted EPS of $2.04, reported before market open, was above both consensus of $1.85 and CIBC's estimate of $1.86.

"Relative to our estimate, the beat was driven primarily by higher insurance and other revenue (+$0.10/sh), and higher NII (+$0.09/share). This was partly offset by higher operating expenses (-$0.06/share)," CIBC analyst Paul Holden said in a note to clients.

Holden maintained a Hold rating and $83.50 price target on the stock.

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