Toronto-Dominion Bank's Focus on Cost-Cutting, Capital Return Seen Driving Higher Valuation, RBC Says

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Toronto-Dominion Bank's (TD) focus on cost reductions and capital return should drive a higher valuation, RBC said in a note Friday.

The brokerage said that at its investor day on Sept. 29, TD announced a target of about 2 billion Canadian dollars to CA$2.5 billion ($1.43 billion to $1.79 billion) in annualized run-rate cost savings by 2029 and an incremental CA$6 billion to CA$7 billion buyback program upon the completion of the current one.

RBC said the targets exceeded its expectations.

The firm added that TD's targeted cost savings would also drive core return on equity improvements.

RBC upgraded the company's rating to outperform from sector perform and raised its price target to CA$120 from CA$93.

TD shares were up over 2% in recent trading.

Price: 81.28, Change: +1.65, Percent Change: +2.07

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