TD Bank Q1 2009 Earnings

RBC Capital Markets, 26 February 2009We view TD's Q1/09 as neutral to our view on the stock: core operating results were close to our expectations and the capital position was higher than we expected. On the negative side, provisions for credit losses were higher than we expected and GAAP EPS fell short of our estimates.We have lowered our 2009E core cash EPS to $4.55 from $4.80.� About 60% of