The Globe and Mail reports in its Friday, Feb. 23, edition that Cormark Securities analyst Lemar Persaud has elevated his recommendation for Toronto-Dominion Bank to "buy" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Persaud jacked his share target up by $4 to $93. Analysts on average target the shares at $89.44. Mr. Persaud says in a note: "We downgraded the stock on valuation last quarter as we had reservations with the stock moving higher given its 6-per-cent premium and negative overhangs (DoJ investigation, margins, and rising credit losses particularly). Following sharp underperformance in December and year-to-date, the stock is back to trading at a 4-per-cent discount, well below its five-year 3-per-cent premium. We acknowledge that there are still headwinds associated with the DoJ investigation (limits capital deployment opportunities in the U.S. and we believe, increased scrutiny around organic growth in the U.S. despite not having formal B/S limits in place like we saw at Wells), related costs associated with improving AML functions with little to no benefit to earnings, the higher cost profile of its recent Cowen acquisition."