ML Downgrades TD Bank to Neutral

The Globe and Mail, Roma Luciw, 17 February 2006Merrill Lynch Canada Inc. downgraded Toronto-Dominion Bank Friday, extending its increasingly bearish view to all but one of the biggest Bay Street banks.Analyst Andr�-Philippe Hardy said he expects the TD's per-share profit growth to slow to 10 per cent in 2006 from 12 per cent in 2005. Continued growth in retail volumes will be partially offset by