10:50 AM EDT, 05/23/2024 (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 increase our target price by $1 to $58, 9.7x our FY 2025 (Oct.) EPS view of CAD8.19 (USD5.99), below the peer average P/E of 10.4x to reflect regulatory uncertainty. We raise our FY 2024 EPS estimate to CAD8.00 from CAD7.90 and lower FY 2025's to CAD8.19 from CAD8.35. TD posted adjusted Apr-Q EPS of CAD2.04 vs. CAD1.94 a year ago, beating the CAD1.85 consensus. Strength in the quarter was seen in Canadian Personal & Commercial Banking (+10%) as results were boosted by 7% loan growth and 4% deposit growth. Additionally, Wealth Management & Insurance jumped 11% on higher insurance premiums and fee income. Weakness continued in U.S. Retail (-3%) given lower deposit margins and volumes. Unfortunately, management could not give an update on the aggregate cost or timeline of monetary and potentially nonmonetary penalties related to its AML program in the U.S. We continue to expect the fallout to result in elevated expense pressures and note TD's total U.S. branches in FY 2024 have fallen by 10 to 1,167.