The best replacement for panasonic tz40 is sony hx50.

The best alternatives to panasonic tz40 are rated as following:
★★★★★  sony hx50
★★★★★  sony hx50v
★★★★  canon sx280
★★★  sony wx300
★★  sony hx20v
★  nikon s9500

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panasonic tz40
sony hx50
sony hx50v