The Globe and Mail reports in its Friday, Dec. 19, edition that National Bank Financial analyst Gabriel Dechaine has upgraded his recommendation for Toronto-Dominion Bank to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Dechaine gave his share target a $10 boost to $134. Analysts on average target the shares at $125.09. Mr. Dechaine says in a note: "[Toronto-Dominion's] 2025 rebound is simply a recovery from its significant valuation compression in 2024. Since then, the stock is still a lagging performer and still trades at an in-line valuation multiple. From a potential EPS revision standpoint, TD screens well, especially in terms of a relatively lower bar set by its capital markets business in 2025 that makes its in-line revenue forecasts potentially more 'exceedable.' Additionally, the bank's impaired PCL ratios imply the lowest level of improvement in 2026. Finally, the $6- to 7-billion buyback program commitment doesn't hurt, and we expect TD will remain active even in a market pullback. ... If we dial back to Jan. 1, 2024, as the starting point, TD's 47-per-cent return is below the 65-per-cent Big-Six average and is the second lowest in the group."