(Bloomberg) -- Toronto-Dominion Bank was cut to sell by a Bank of America Corp. analyst, who said the Canadian bank faces an earnings hit from a prolonged period of low interest rates and larger risks from a potential Joe Biden victory in the U.S. presidential election.

Low rates will have an “outsized” impact on TD’s earnings growth and return on equity, BofA analyst Ebrahim Poonawala said Tuesday in a note to clients. A change in corporate tax rates under a Biden presidency also would disproportionately hurt TD, which gets about 32% of its earnings from the U.S., he said.

“The current interest rate backdrop and potential for a change in tax policy pose idiosyncratic risks given TD’s balance sheet structure and exposure to the U.S.,” Poonawala said in the note. Even with the risks, TD remains a “top notch North American retail banking franchise.”

Poonawala lowered his price target on the shares to C$68 ($51). The shares were little changed at C$63.52 at 9:53 a.m. in Toronto. Of the 14 analysts tracked by Bloomberg that rate TD, four rate it a buy, eight rate it a hold and two rate it a sell.

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