RBC CM Initiates Coverage of TD Bank at Outperform

RBC Capital Markets, 30 April 2007EventWe are initiating coverage of TD Bank with an Outperform, Average Risk rating on its shares.Investment Opinion� TD trades at an industry multiple in spite of having an above average outlook for earnings growth in 2007 and 2008, in our view. We believe TD can achieve above average earnings growth on TD Ameritrade synergies, increased TD Banknorth and TD