Deutsche Bank Downgrades TCF Financial (TCB) to Hold
Get Alerts TCB Hot Sheet
Rating Summary:
3 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Deutsche Bank downgraded TCF Financial (NYSE: TCB) from Buy to Hold with a price target of $20.00 (from $22.00). Analyst Dave Rochester said overhang from the CFPB suit limits upside.
"While we continue to view TCB as possibly benefiting relatively more from deregulation and any mitigation of CFPB authority in the new admin., we are faced with the reality that the CFPB lawsuit filed today could generate enough uncertainty on fee/exp. trends near-term to limit share upside near-term, prompting us to move to the sidelines following the strong outperformance post-election (which we think was partially linked to expected dereg. benefits) until we achieve greater clarity on the ultimate impact from the lawsuit, which could take time. We expect multiple expansion beyond the resolution of the case to shrink the valuation discount, ex. a more material adverse outcome," said Rochester.
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 $18.45 yesterday.
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