The Globe and Mail reports in its Friday, Dec. 1, edition that National Bank Financial analyst Gabriel Dechaine has reaffirmed his "sector perform" recommendation for Toronto-Dominion Bank. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dechaine gave his share target a $4 haircut to $86. Analysts on average target the shares at $90.76. Mr. Dechaine warns TD is likely to see notable expense growth in 2024 compared with its peers. Mr. Dechaine says in a note: "TD recorded a $363-million restructuring charge and expects to announce a similar charge during H1/24. It guided to $400-million of pretax savings during fiscal 2024, increasing to $600-million on a fully realized basis. Despite these savings, the bank's expense growth will likely outpace the peer group's in 2024 due to investments in risk & control systems, the result of a DoJ investigation into TD's AML [anti-money-laundering] controls. These expenses will be borne by the corporate segment, resulting in an earnings hit of $500-million per year, which may extend into fiscal 2025." The Globe reported on Nov. 22 that Mr. Dechaine had reiterated his "sector perform" call on TD when it could be had for $84.22.