The Globe and Mail reports in its Thursday, Dec. 21, edition that Scotia Capital analyst Meny Grauman has lowered his recommendation for Toronto-Dominion Bank to "sector perform" from "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman cut his share target back by $9 to $86. Analysts on average target the shares at $89.24. The Globe says Mr. Grauman continues to believe "the next few years are likely to be challenging for the Canadian banks." Mr. Grauman says he issued his downgrade given the bank's inability to benefit from restructuring charges to its "U.S. AML issues." He adds, "We also see its buyback as less of a differentiator given the implications of OSFI's latest DSB announcement." The Globe reported on Oct. 26 that Mr. Grauman said he believed that Canadian banks were fairly valued. He said he favoured Toronto-Dominion for its defensive characteristics. The shares could then be had for $76.92. The Globe reported on Nov. 22 and Dec. 6 that National Bank Financial analyst Gabriel Dechaine had reaffirmed his "sector perform" call for Toronto-Dominion. The shares could then be had for $84.22 and $82.26.