The Globe and Mail reports in its Friday, Dec. 6, edition that RBC Dominion Securities analyst Darko Mihelic has reaffirmed his "sector perform" recommendation for Toronto-Dominion Bank. The Globe's David Leeder writes in the Eye On Equities column that Mr. Mihelic knocked his share target back by $8 to $77. Analysts on average target the shares at $83.93. Mr. Mihelic thinks TD's strategic review is a "significant opportunity for the bank to reevaluate its whole strategy given the constraints under which it must now operate." He says in a note: "Suggesting that 2025 is a transition year for the bank may be an understatement. This is only the second large bank that we know of that has operated under an asset cap and the only Canadian one. There is no template to follow and getting out from under the cloud of the asset cap may take five years plus. One of the things we learned when TD announced its AML resolution was that its U.S. bank kept its AML budget flat for a significant period of time (from 2014 until 2022). This was a bad business decision that ultimately proved very costly for TD. This leaves us with a serious question: Are other parts of the organization using similar tactics to achieve operating leverage?"