Compass Point Reiterates a 'Sell' on TCF Financial (TCB); Limited Upside with Materially Negative Trends

Compass Point reiterates a 'Sell' on TCF Financial (NYSE: TCB) price target of $8.50.

Analyst, Chris Gamaitoni, said, "We reiterate our rating and price target following 2012Q1 Earnings. TCB reported GAAP EPS of ($1.78) and core EPS of $0.08 vs. our estimate of a GAAP loss of ($1.74) and core EPS of $0.12. Driving the miss to our estimates was higher compensation expense related to revenue initiatives and lower deposit fees and service charges. Due to weaker expected deposit fees and more clarity around expenses, we are lowering our estimates. We are reducing our 2012Q2 EPS estimate from $0.20 to $0.18, our 2012 EPS estimate from ($1.12) to ($1.27), and our 2013 EPS estimate from $1.17 to $1.03. We continue to believe TCB significantly increased their liquidity and liability risk following the debt restructuring and that TCB is operating above sustainable NIM and NII levels."

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 $10.95 yesterday.

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