UPDATE: BMO Capital Raises PT on Toronto-Dominion Bank on Modest Q1/13 Results

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Toronto-Dominion Bank TD, and raised its price target from $87.00 to $90.00. BMO Capital Markets noted, “TD remains rated Outperform, reflecting the relatively attractive valuation on the shares and prospect of above-average dividend growth. We believe results from Canadian P&C banking should remain solid even in a slower environment. The bank's wealth and insurance businesses reported a strong start to fiscal 2013. While the underlying fundamentals in the U.S. P&C business (i.e., attractive organic growth in loans and deposits) are positive, the low rate and narrowing spread environment are negatively affecting the core earnings in this segment. The core earnings exclude the securities gains.” Toronto-Dominion Bank closed on Thursday at $82.29.