UPDATE: Stifel Nicolaus Downgrades TCF Financial Corporation to Hold on Valuation

Stifel Nicolaus downgraded TCF Financial Corporation

from Buy to Hold and removed its $13.00 price target. Stifel Nicolaus commented, "TCB shares trade at 12.5x our 2013 EPS estimate and 157% of TBV versus the Midwest bank peer group median of 12.1x and 129%, respectively. We believe the shares are deserving of some premium to the peer group considering the potential improvement in profitability in 2013 and outlook for good loan growth. However, following the recent run-up in the share price, TCB stock now trades essentially in line with our fair value estimate of around $13. We are therefore reducing our rating to Hold from Buy." TCF Financial Corporation closed at $13.50 on Wednesday.