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

Stifel Nicolaus initiated its coverage on Toronto-Dominion Bank (NYSE: TD) 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.

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