UPDATE: Stifel Nicolaus Cuts Target to $22 on TCF Financial Corporation

Stifel Nicolaus lowers its price target on Buy-rated TCF Financial Corporation TCB to $12.50 from $13 on spread and fee income challenges. Stifel Nicolaus comments, "Our 2012 and 2013 base case projections assume strong 5%-6% 2H12 loan growth, but persistent margin pressure and only a gradual recovery in non-interest income. Year over year declines of 10% and 29% in loan loss provisions and tight expense control should support 2012 and 2013 earnings momentum. Nonetheless, TCF continues to struggle from a severe revenue drought." TCB closed at $10.78 a share on Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsStifel Nicolaus
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!