The Globe and Mail reports in its Thursday edition that Scotia Capital analyst Meny Grauman has boosted his recommendation for Toronto-Dominion Bank to "sector outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman gave his share target a $7 boost to $93. Analysts on average target the shares at $89.37. Mr. Grauman says in a note, "We have been bearish on TD ever since we downgraded the shares in December, 2023, but with the shares now trading at an 8-per-cent discount to the group based on FY2024 consensus EPS, we believe that fear has overtaken rationality on this name." Mr. Grauman thinks the chief driver of the "significant" underperformance of TD shares versus its peers has been uncertainty related to the bank's regulatory issues south of the border. The issue helped to derail its acquisition of Tennessee-based First Horizon Bank and has forced a significant increase in spending on upgraded risk and control systems. He adds, "The market is particularly concerned about a potential fine with expectations in the $1-2-billion (U.S.) range, which appears to be largely based on the $1.9-billion (U.S.) fine imposed on HSBC USA for its AML issues back in 2012."