The Globe and Mail reports in its Wednesday edition that Jefferies analyst John Aiken has cut Toronto-Dominion Bank to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Aiken elevated his share target by a loonie to $125. Analysts on average target the shares at $114.59. After a notably strong performance in the fall, Mr. Aiken says Canadian banks are now trading at levels that could be considered fully valued ahead of the fourth quarter earnings season in the sector. Mr. Aiken describes his outlook for the quarter as "solid," considering the current operating environment. Mr. Aiken says in a note: "In an outlook where top line growth will remain challenged, and credit pressures have yet to dissipate, we believe that the current downside risk is greater than their upside risk. ... Credit should be stable (flat stage 1&2 and likely incremental increases in Stage 3) while lending volumes remain positive but largely uninspiring. Top line support should come from capital markets and wealth management (with National Bank of Canada and Bank of Montreal having the greatest relative exposures in combination), but these are well understood." Mr. Aiken says Canadian banks are "fully valued."