The Globe and Mail reports in its Wednesday, Dec. 6, edition that BMO Capital Markets analyst Sohrab Movahedi has reaffirmed his "market perform" recommendation for Toronto-Dominion Bank. The Globe's David Leeder writes in the Eye On Equities column that Mr. Movahedi's share target edged ahead by $3 to $86. Analysts on average target the shares at $89.26. The Globe says Mr. Movahedi expects Canadian bank valuations to "remain depressed" in the near term. He cites "uncertainties of macro factors such as interest rates, GDP growth, inflation, and regulatory capital minimums, all of which are outside of bank management teams' control." Mr. Movahedi says in a note, "By individual bank and relative to the bank index, we have Royal Bank of Canada and National Bank of Canada at a premium, Toronto-Dominion Bank in line, and Canadian Imperial Bank of Commerce and Bank of Nova Scotia at a discount to the index." The Globe reported on Sept. 5, 2022, that Mr. Movahedi said he was "cautious" about the earnings outlook for banks coming out the quarter, leading him to reduce his share target for Toronto-Dominion Bank to $95 from $100, while maintaining his "market perform" recommendation. The shares could then be had for $84.11.