The Globe and Mail reports in its Thursday, March 23, edition that Canaccord Genuity analyst Scott Chan reduced his valuations for Canadian banks on Wednesday in response to "the challenging U.S. operational environment post the SVB failure." The Globe's David Leeder writes in the Eye On Equities column that accordingly, Mr. Chan slashed his share target for Toronto-Dominion Bank by $17.50 to $86.50. Analysts on average target TD shares at $100. Mr. Chan continues to rate TD "buy." Mr. Chan says in a note: "We are lowering our Canadian bank target P/E [price-to-earnings] multiples mainly to reflect the challenging U.S. operational environment and potential impact to EPS post SVB failure (probably lead to higher regulatory standards for small-medium sized U.S. regional banks and M&A consolidation). SVB had a niche client base mainly focusing on VC/PE early stage technology and biotech, etc. We believe U.S. mega bank stocks will likely be beneficiaries coming out of this." The Globe reported on Dec. 5 that Mr. Chan had elevated his recommendation for TD to "buy" from "hold." The shares could then be had for $91.32.