The Globe and Mail reports in its Thursday, Feb. 19, edition that TD Securities now has a "buy" rating on EQB after coverage of the stock was transferred at the bank to Mario Mendonca from Graham Ryding. The Globe's Darcy Keith writes in the Eye On Equities column that the move represents an upgrade from the previous "hold" rating, and the price target was also raised to $138 from$103. Analysts on average target the shares at $117.17. Mr. Mendonca says in a note: "We believe EQB stock will benefit from both a recovery in return on equity and a corresponding multiple expansion underpinned by: improving net interest margins, moderating provisions against credit losses (ex. PC Financial), meaningful buybacks, AIRB transition, and integration of PC Financial. We see EQB as Canada's only pure-play bank with an opportunity to round out its product offering, continue to scale the platform, introduce new revenue streams and diversify its customer base. As the bank evolves to look more like a large bank, we believe ROE and multiples should follow." The Globe reported on Nov. 28 that Mr. Ryding had reaffirmed his "hold" recommendation for EQB. The shares could then be had for $86.75.