RBC CM Upgrades TD Bank

RBC Capital Markets, 3 January 2007EventOpinion upgrade to Top Pick from Outperform.Investment Opinion� Expecting Positive EPS Revisions. In our view, TD has the best EPS upside potential among banks in 2007. We estimate 16% or $0.74 EPS growth for TD in 2007 to $5.40, while consensus is only $5.23. Our average EPS growth estimate for the peer group is 9%. For TD, we factor 9% organic growth and