UPDATE - UBS Starts TCF Financial (TCB) at Buy, $15 Target
TCB Hot Sheet
Rating Summary:5 Buy, 4 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
UPDATE - UBS initiates coverage on TCF Financial (NYSE: TCB) with a Buy rating. PT $15.
UBS analyst says, "Mitigating fee factors remain underappreciated: The effects from Regulation E and debit interchange are reflected in our estimates. To the extent that offsets materialize, this could lead to positive EPS revisions. We believe that these offsets will take many forms and include more than just fee for fee substitution."
"Earnings power remains superior: Even with recent regulation, TCB remains a highly profitable franchise. Its specialty lending niches should continue to provide venues for growth. Core funding continues to support an above-average margin...We expect significant TBV growth in 2012 and beyond as earnings drivers engage."
To See Ratings Summary & History on ,TCB Click Here
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
UBS analyst says, "Mitigating fee factors remain underappreciated: The effects from Regulation E and debit interchange are reflected in our estimates. To the extent that offsets materialize, this could lead to positive EPS revisions. We believe that these offsets will take many forms and include more than just fee for fee substitution."
"Earnings power remains superior: Even with recent regulation, TCB remains a highly profitable franchise. Its specialty lending niches should continue to provide venues for growth. Core funding continues to support an above-average margin...We expect significant TBV growth in 2012 and beyond as earnings drivers engage."
To See Ratings Summary & History on ,TCB Click Here
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
You May Also Be Interested In
- UPDATE: UBS Downgrades Wisconsin Energy (WEC) to Neutral; Taking Some Off The Table
- UPDATE: Lowe's (LOW) Beats Q1 Views Amid Lagging Seasonal Demand; Issues Light FY12 Earnings Outlook
- UPDATE: Auriga Starts Teva Pharma (TEVA) at Hold; Sidelined Until New CEO Is Convincing
Create E-mail Alert Related Categories
New CoverageRelated Entities
UBS, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
