TD Securities
TD Securities Inc.
TD Securities is the Toronto-based investment banking and capital markets arm of TD Bank Group. After acquiring Cowen in 2023, it publishes North American equity research under the TD Cowen brand.
Company history
TD Bank Group established Toronto Dominion Securities in 1987 to provide corporate, treasury and investment banking services, later integrating its dealer operations as TD Securities. The 2000 purchase of Newcrest Capital added equity research, sales, trading and underwriting, and the 2017 purchase of Albert Fried & Company expanded its US business. In March 2023 TD completed the US$1.3 billion acquisition of Cowen Inc., which operates as TD Cowen, a division of TD Securities.
- 1987TD Bank Group established Toronto Dominion Securities
- 2000Acquired Newcrest Capital, adding equity research and trading
- 2017Acquired US broker-dealer Albert Fried & Company
- 2023Completed US$1.3 billion acquisition of Cowen Inc.
- 2024Adopted unified TD Cowen Buy/Hold/Sell ratings
Research
About 90 fundamental analysts in Canada and the US cover roughly 1,300 stocks as of 2026, alongside a Washington Research Group for policy. Before the deal, Cowen ranked among the ten largest US research platforms by stocks covered and publishing analysts (StarMine, December 2021). Since March 2024 stocks are rated Buy (total return of 15% or more), Hold (−10% to +15%) or Sell (−10% or worse) over 12 months, replacing TD's Action List Buy, Buy, Speculative Buy, Hold, Tender and Reduce scale.
Coverage12M
- Stocks
- 99
- Ratings
- 105
- Price targets
- 36
- Median upside
- +22.0%
- Upgrades
- 12
- Downgrades
- 5
- Initiations
- 2
- Reiterations
- 86
- Targets raised
- 17
- Targets cut
- 7
- Positive73%64
- Neutral26%23
- Negative1%1
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 FSVFirstService Corporation | Buy | $195 |
 MGAMagna International Inc. | Buy | $80 |
 CLSCelestica Inc. | Hold | $430 |
 SBUXStarbucks Corporation | Hold | $90 |
 WFGWest Fraser Timber Co. Ltd. | Buy | $86 |
 BNBrookfield Corporation | Buy | $60 |
 DPZDomino's Pizza, Inc. | Buy | — |
 FNVFranco-Nevada Corporation | Hold | $291 |
 GILGildan Activewear Inc. | Buy | $77 |
 SGSweetgreen, Inc. | Hold | — |
Analysts24M
- Sean SteuartWFG · AQN · MERC5
- Brian MorrisonGIL · MGA4
- Tim JamesFSV3
- Aaron BilkoskiVNOM2
- Wayne LamHL · PAAS2
- Cherilyn RadbourneBIP · BN2
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| EQEquinox Gold Corp.EQX | Reiterate | Buy | Sep 17 |
| CGCGJTF | Reiterate | Buy | Sep 17 |
 BCE Inc.BCE | Reiterate | Buy | Sep 15 |
| AGAGFMF | Reiterate | Buy | Sep 15 |
| EGEGHSF | Reiterate | Hold | Sep 14 |
| TRTC Energy CorporationTRP | Upgrade | Hold →Buy | Sep 14 |
| ENEnbridge Inc.ENB | Upgrade | Hold →Buy | Sep 14 |
| BNThe Bank of Nova ScotiaBNS | Upgrade | Hold →Buy | Aug 25 |
| DOBRP Inc.DOO | Upgrade | Hold →Buy | Aug 18 |
| MTMTTRF | Reiterate | Buy | Aug 18 |
| TLTLOFF | Reiterate | Buy | Aug 17 |
| BIBIRDF | Reiterate | Buy | Aug 17 |
Similar coverage12M
References
- History | TD Securitiestdsecurities.com
- Our Executive Team | TD Securitiestdsecurities.com
- Research & Strategy | TD Securitiestdsecurities.com
- TD completes acquisition of Cowen Inc. (2023)td.mediaroom.com
- TD to Expand its U.S. Investment Banking Business and Capabilities with Acquisition of Cowen Inc. (2022)stories.td.com
- TD Cowen equity research note with rating definitions (2024)cdn-ceo-ca.s3.amazonaws.com