UPDATE: J.P. Morgan Lowers PT on TCF Financial from $12.50 to $11.50
J.P. Morgan maintains a Neutral rating on TCF Financial (NYSE: TCB) and lowered its price target from $12.50 to $11.50.
J.P. Morgan noted, “TCF Financial reported core 2Q12 EPS of $0.15, which was $0.02 below our estimate of $0.17 and $0.03 below the consensus estimate of $0.18. The primary source of the miss was provision expense coming in $11 million above forecast (tied in part to some one-time items which added $10 million to provision this quarter). Credit trends have been fairly sticky at TCB compared to peers at the stage of seeing credit normalization. Where credit took a step back, PTPP benefited from a stronger than expected NII following the prior quarter balance sheet repositioning as well as service charges turning a corner in the quarter.”
TCF Financial closed at $10.30 on Thursday.
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