TD Securities
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.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 9912M
- Actions
- 14112M
- Ratings / Price targets
- 105 / 36
- Upgrades / Downgrades
- 12 / 5
- Initiations
- 2
- Buy-rated
- 73%of 88 rated
- Median upside
- +22.0%
- Targets raised / lowered
- 17 / 7
- On record
- Aug 2012 – Sep 2026
Overview
As of 2026, about 90 fundamental analysts in Canada and the U.S. cover roughly 1,300 stocks, while the Washington Research Group analyzes policy. Before TD's acquisition, Cowen ranked among the ten largest U.S. research providers by both the number of stocks covered and the number of publishing analysts, according to StarMine data from December 2021.
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.
Milestones
- 1987
TD Bank Group established Toronto Dominion Securities
- 2000
Acquired Newcrest Capital, adding equity research and trading
- 2017
Acquired US broker-dealer Albert Fried & Company
- 2023
Completed US$1.3 billion acquisition of Cowen Inc.
- 2024
Adopted unified TD Cowen Buy/Hold/Sell ratings
Firm facts
- Legal name
- TD Securities Inc.
- Type
- Full-service
- Founded
- 1987
- Headquarters
- Toronto, Canada
- Parent
- The Toronto-Dominion Bank
- Listing
- NYSE: TD
- President and CEO
- Tim Wiggan
- Head of Global Research
- Lisa Thomas
- Rating scale
- BuyHoldSell12 months
- Website
- tdsecurities.com
Research philosophy
Our team combines a deep understanding of the Canadian investment landscape with ongoing monitoring of relevant global peers to help provide alpha in Canadian equities.
In 2022, before its equity research moved under the TD Cowen brand, TD Securities tracked a monthly Action List of analysts' top picks against S&P/TSX benchmarks and issued a quarterly Outlier Report on companies where its estimates or targets differed meaningfully from consensus. As of 2026, its macro strategists say they form views on growth, inflation and policy, which its rates and commodity teams weigh against market pricing to find trades.
Rating methodology
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
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 FirstService CorporationFSV | Buy | $195 |
 Magna International Inc.MGA | Buy | $80 |
 Celestica Inc.CLS | Hold | $430 |
 Starbucks CorporationSBUX | Hold | $90 |
 West Fraser Timber Co. Ltd.WFG | Buy | $86 |
 Brookfield CorporationBN | Buy | $60 |
 Domino's Pizza, Inc.DPZ | Buy | — |
 Franco-Nevada CorporationFNV | Hold | $291 |
 Gildan Activewear Inc.GIL | Buy | $77 |
 Sweetgreen, Inc.SG | Hold | — |
Most active analysts
- Sean Steuart5 notesWFGAQNMERC
- Brian Morrison4 notesGILMGA
- Tim James3 notesFSV
- Aaron Bilkoski2 notesVNOM
- Wayne Lam2 notesHLPAAS
- Cherilyn Radbourne2 notesBIPBN
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 17 | EQEquinox Gold Corp.EQX | Reiterate | Buy |
| Sep 17 | CGCGJTF | Reiterate | Buy |
| Sep 15 |  BCE Inc.BCE | Reiterate | Buy |
| Sep 15 | AGAGFMF | Reiterate | Buy |
| Sep 14 | EGEGHSF | Reiterate | Hold |
| Sep 14 | TRTC Energy CorporationTRP | Upgrade | Hold →Buy |
| Sep 14 | ENEnbridge Inc.ENB | Upgrade | Hold →Buy |
| Aug 25 | BNThe Bank of Nova ScotiaBNS | Upgrade | Hold →Buy |
| Aug 18 | DOBRP Inc.DOO | Upgrade | Hold →Buy |
| Aug 18 | MTMTTRF | Reiterate | Buy |
| Aug 17 | TLTLOFF | Reiterate | Buy |
| Aug 17 | BIBIRDF | Reiterate | Buy |