TD Bank's Q3 Results Prompt Price Target Raises

| About: Toronto-Dominion Bank (TD)

Some quick analyst reactions from Toronto Dominion Bank’s (NYSE:TD) surprise third-quarter results Thursday.

RBC Dominion analyst Andre-Philippe Hardy bumps up his target price on the bank to C$5.75 from C$5.45 to reflect the higher-than-expected earnings.

That said, Mr. Hardy also writes that most of the earnings above his estimates came from the wholesale and corporate segments, where results probably won’t be maintained in the near term on account of seasonal weakness in the fourth quarter and continued volatility in the equity markets.

Over at Blackmont Capital, Brad Smith raised his target price to C$77 from C$73 to reflect the feel-good results, but he too tempered his outlook, reaffirming his belief that 2008 will be a “fundamentally challenging year” for the bank.