UPDATE: J.P. Morgan Lowers Price Target on TCF Financial to $11

According to J.P. Morgan, TCF Financial

price target is lowered to $11. J.P. Morgan said that TCF Financial reported 4Q core EPS of $0.06, below the $0.09 forecast and well below consensus of $0.14. “Shares trade at 1.04x TBV. Although we believe TCB has the potential to earn a 15%+ ROTE over the longer term, with the ROTE likely below 5% near term, we move to the sidelines on TCB, believing a better buying opportunity to position for this potential may lie ahead.” TCF Financial closed yesterday at $10.57.