Scotia Capital Research on TD Bank

TD Bank � Rating: 1-Sector Outperform � Risk Ranking: LowTarget 1-Yr: $75.00 ROR 1-Yr: 25.7% � 2-Yr: $85.00 2-Yr: 44.9%Valuation: 16.3x 2006 cash earnings estimateEst. NTM Div. $1.74 � Div. (Current) $1.68Event� Toronto-Dominion Bank (TD) announced the completion of its sale of TD Waterhouse USA to Ameritrade (AMTD) and the acquisition of 100% of AMTD's Canadian brokerage operations.� TD will