National Bank Upgraded at TD Newcrest

TD Newcrest, 3 March 2006EventNA reported a strong quarter, with diluted EPS of $1.26, above our estimate of $1.23 and consensus of $1.18. The better than expected result was driven by strong numbers from the beta-sensitive businesses, particularly retail brokerage, mutual funds, trading and merchant banking gains.ImpactPositive. We are raising our 2006 EPS estimate to $5.05 from $4.95 and our