Based on the provided data and recent news, here's a concise analysis of TD stock:
Technical Analysis
The stock is showing strong momentum with a significant +3.96% gain in the last trading session, closing at $57.51 . The RSI at 74.15 indicates overbought conditions, suggesting potential short-term pullback.
Recent Developments
A major leadership change has been announced - COO Raymond Chun will become CEO on February 1, 2025, two months earlier than planned, while current CEO Bharat Masrani will remain as an adviser until July 2025. This accelerated transition appears to have been received positively by the market based on the recent price action.
Fundamental Strengths
- Strong dividend history dating back to 1857
- Current dividend yield of 5.1% is historically attractive
- Well-established Canadian banking franchise
Key Challenges
- U.S. regulatory restrictions including asset cap due to previous AML issues
- Limited growth potential in Canadian home market
- Ongoing AML remediation efforts requiring significant investment
Analyst Views
Recent analyst actions show mixed sentiment:
- BMO Capital upgraded to Buy with $90 price target (Dec 18, 2024)
- RBC Capital maintained Hold with $77 price target (Dec 6, 2024)
Conclusion
Based on the technical overbought conditions and recent strong price movement, it would be prudent to wait for a pullback before establishing new long positions. For existing holders, taking some profits at current levels while maintaining core positions could be considered.