Deutsche Bank Lowers Estimates, Price Target on TCF Financial (TCB) On Loan Losses
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Deutsche Bank lowered estimates on TCF Financial (NYSE: TCB) to reflect higher expected losses in most loan categories. The firm now expect industry loan losses to peak above 3.0%.
The firm lowered 4Q08 estimates on TCF Financial $0.02 to $0.29, '09E EPS by $0.65 to $0.85 and '10E EPS by $0.25 to $1.75 to reflect higher losses. The firm also lowered their price target on TCF Financial from $19 to $14.
Deutsche Bank said given a balanced risk and reward scenario, they rate TCF Financial a Hold.
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