Posted AT 4:22 PM EDT on 17/02/06
TD-Bank downgraded
Merrill Lynch Canada Inc. downgraded Toronto-Dominion Bank Friday, extending its increasingly bearish view to all but one of the biggest Bay Street banks.
Analyst André-Philippe Hardy said he expects TD's per-share profit growth to slow to 10 per cent in 2006 from 12 per cent in 2005. Continued growth in retail volumes will be partially offset by higher provisions for credit losses, lower securities gains and the stronger Canadian dollar.
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