UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Toronto-Dominion Bank

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Toronto-Dominion Bank

, but lowered its price target from $92.00 to $87.00. BMO Capital noted, “TD remains Outperform rated. In the near term, TD shares could be weighed down by concerns about credit quality in the HELOC portfolio and speculation regarding a large U.S. acquisition. While we believe that management did a credible job of explaining its focus on organic growth rather than acquisitions, there is a difference between what we believe and what the market expects. Over time these concerns should be offset by industry-leading dividend growth, attractive valuation, and value in underlying franchises of TD Canada Trust, TD USA, TDAM and AMTD.” Toronto-Dominion Bank closed on Thursday at $81.87.