Jefferies Cuts Price Target and Estimates on TCF Financial (TCB); Lets Go For a Drag

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Jefferies maintains a 'Hold' on TCF Financial (NYSE: TCB) price target of $12.00 (from $14.00).

Analyst, Emlen Harmon, said, "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."

For an analyst ratings summary and ratings history on TCF Financial click here. For more ratings news on TCF Financial click here.

Shares of TCF Financial closed at $10.45 yesterday, with a 52 week range of $8.61-$12.91.

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