Jefferies upgraded TD Bank (TD) to Buy from Hold with a price target of C$90, up from C$82. The step down in TD’s valuation following Q4 earnings is “sufficient to price in all the bad news,” the analyst tells investors. The firm anticipates that the stock’s multiple will recover some lost ground as the year progresses, with further upside available should TD demonstrate any incremental earnings growth, making TD the analyst’s “Top Pick for 2025.”

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