UPDATE: Stifel Nicolaus Initiates Toronto-Dominion Bank at Hold on EPS Outlook

Stifel Nicolaus initiated its coverage on Toronto-Dominion Bank

with a Hold rating. Stifel Nicolaus noted, "As evidenced by our below consensus EPS estimates (even on an "adjusted" EPS basis we believe we are 3%-4% below consensus), the company is not immune to the current environment, in our view. We simply cannot get to the balance sheet growth and/or net interest margin expansion the consensus must be implying in its current 2013 EPS outlook." Toronto-Dominion Bank closed at $81.61 on Monday.