UPDATE: Jefferies Lowers PT on TCF Financial Corporation from $14 to $12

Jefferies maintained a Hold rating on TCF Financial Corporation

and lowered its price target from $14 to $12. Jefferies wrote, “Following the release of 2Q12 earnings, we are taking our 2013 EPS down a dime (to $1.05) to account for a higher-than expected expense run-rate. Our 2012 estimate goes to -$1.16 (from -$1.05). The core earnings power of the bank remains uncertain, as it has yet to rehabilitate the profitability of its retail customers, and specialty finance businesses remain in their infancy.” TCF Financial Corp. closed at $10.45 on Friday.