TD Securities
Upgrade grade
C
Downgrade grade
C
TD Securities is the investment banking and capital markets division of Toronto-Dominion Bank, one of North America's largest financial institutions. Founded in its modern form through TD's acquisition and integration of various securities operations, the firm has grown to become a major player in North American equity research with approximately 480 analyst ratings covering US equities. Known for their deep expertise in sectors including financials, energy, materials, and industrial companies, TD Securities leverages its parent company's substantial resources and Canadian institutional presence to provide institutional clients with comprehensive market analysis. The firm has developed a distinctive reputation for rigorous fundamental research and a particular strength in analyzing large-cap dividend-paying stocks, reflecting both its Toronto roots and its appeal to the buy-side institutions and wealth managers that form a significant portion of its client base.
Upgrades
100
73.0% win rate
· avg +1.48% D1
Downgrades
92
75.0% win rate
· avg -1.96% D1
Avg Gap — Upgrades
+1.27%
open vs prev close
Avg Gap — Downgrades
-1.48%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Basic Materials | 78.13% (32) | +1.94% | 75.86% (29) | -2.58% |
| Energy | 85.00% (20) | +1.94% | 78.57% (14) | -1.55% |
| Communication Services | 72.73% (11) | +1.24% | 75.00% (12) | -0.54% |
| Industrials | 80.00% (10) | +1.19% | 84.62% (13) | -2.12% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2025 | — | — | 60.0% | 10 |
| 2022 | 63.6% | 11 | — | — |
| 2020 | 90.0% | 10 | 36.4% | 11 |
| 2019 | — | — | 58.3% | 12 |
| 2018 | 63.6% | 11 | — | — |
| 2014 | 90.0% | 10 | — | — |
| 2013 | 70.0% | 10 | — | — |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 11, 2026 | PAAS | Pan American Silver Corp. | Basic Materials | Upgrade | Hold → Buy | $72 | +3.1% | +5.3% |
| May 7, 2026 | LPX | Louisiana-Pacific Corporation | Basic Materials | Upgrade | Hold → Buy | — | -1.0% | +4.1% |
| Apr 29, 2026 | CLS | Celestica Inc. | Technology | Upgrade | Hold → Buy | $430 | +3.0% | +4.1% |
| Apr 23, 2026 | RCI | Rogers Communications Inc. | Communication Services | Upgrade | Hold → Buy | — | +0.9% | -0.3% |
| Apr 14, 2026 | FSV | FirstService Corporation | Real Estate | Maintains | Buy → Buy | — | -0.1% | +0.3% |
| Apr 14, 2026 | EGO | Eldorado Gold Corporation | Basic Materials | Maintains | Hold → Hold | — | +1.4% | -1.6% |
| Mar 24, 2026 | LAR | Lithium Argentina AG | Basic Materials | Maintains | Buy → Buy | — | +1.6% | +12.4% |
| Mar 16, 2026 | WPM | Wheaton Precious Metals Corp. | Basic Materials | Maintains | Buy → Buy | — | -1.2% | -0.5% |
| Mar 12, 2026 | DNN | Denison Mines Corp. | Energy | Maintains | Buy → Buy | — | -0.8% | +0.2% |
| Mar 11, 2026 | PRTH | Priority Technology Holdings, Inc. | Technology | Maintains | Buy → Buy | — | -1.1% | -3.7% |
| Mar 11, 2026 | UEC | Uranium Energy Corp. | Energy | Maintains | Buy → Buy | — | -1.0% | -2.3% |
| Feb 17, 2026 | MERC | Mercer International Inc. | Basic Materials | Maintains | Hold → Hold | — | +2.2% | +17.4% |
| Feb 17, 2026 | MGA | Magna International Inc. | Consumer Cyclical | Maintains | Buy → Buy | — | -3.0% | -2.8% |
| Dec 16, 2025 | PBA | Pembina Pipeline Corporation | Energy | Maintains | Buy → Buy | — | -0.7% | -4.2% |
| Nov 14, 2025 | BN | Brookfield Corporation | Financial Services | Maintains | Buy → Buy | — | -1.2% | +0.6% |
| Nov 11, 2025 | CDE | Coeur Mining, Inc. | Basic Materials | Maintains | Buy → Buy | — | +1.5% | +2.3% |
| Nov 5, 2025 | FSV | FirstService Corporation | Real Estate | Maintains | Buy → Buy | — | +0.6% | -0.4% |
| Nov 5, 2025 | FNV | Franco-Nevada Corporation | Basic Materials | Maintains | Hold → Hold | — | +1.5% | +1.6% |
| Oct 29, 2025 | CLS | Celestica Inc. | Technology | Maintains | Hold → Hold | — | +4.2% | +3.5% |
| Oct 24, 2025 | WFG | West Fraser Timber Co. Ltd. | Basic Materials | Maintains | Buy → Buy | — | +0.7% | -0.1% |
| Oct 24, 2025 | FSV | FirstService Corporation | Real Estate | Upgrade | Hold → Buy | — | +3.1% | -1.3% |
| Oct 6, 2025 | GIL | Gildan Activewear Inc. | Consumer Cyclical | Maintains | Buy → Buy | — | +0.1% | +0.2% |
| Oct 3, 2025 | BB | BlackBerry Limited | Technology | Downgrade | Buy → Hold | — | -1.9% | -5.3% |
| Oct 3, 2025 | OTEX | Open Text Corporation | Technology | Downgrade | Buy → Hold | — | +0.0% | +0.7% |
| Oct 3, 2025 | CLS | Celestica Inc. | Technology | Downgrade | Buy → Hold | — | -2.0% | -6.9% |