Fly News Breaks for August 15, 2019
Aug 15, 2019 | 06:28 EDT
BofA/Merrill analyst Ebrahim Poonawala downgraded Toronto-Dominion Bank to Neutral from Buy and lowered his price target for the shares to C$77 from C$82. Following the recent outperformance of Canadian banks relative to their global banking peers, the analyst is turning more cautious on the group. It is unlikely that the operating outlook for the Canadian banks will be immune to a worsening macro backdrop, Poonawala tells investors in a research note.
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