Compass Point Reiterates a 'Sell' on TCF Financial (TCB); Cutting Estimates as Company Still in Transition
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Price: $16.86 -0.65%
Rating Summary:
3 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Compass Point reiterates a 'Sell' on TCF Financial (NYSE: TCB) price target of $8.50.
Analyst, Kevin Barker, said, "Following TCB's 2Q12 earnings announcement, we re-iterate our rating on the stock and maintain our price target. 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. Additionally, we expect a longer than extended period to reach a normalized provision level and believe deposit fee revenue could underwhelm investors in future periods...Primarily due to higher provision expense and the addition of preferred dividends from the recent preferred stock offering, we are decreasing our FY13E EPS from $1.03 to $0.90."
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 $10.30 yesterday.
Analyst, Kevin Barker, said, "Following TCB's 2Q12 earnings announcement, we re-iterate our rating on the stock and maintain our price target. 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. Additionally, we expect a longer than extended period to reach a normalized provision level and believe deposit fee revenue could underwhelm investors in future periods...Primarily due to higher provision expense and the addition of preferred dividends from the recent preferred stock offering, we are decreasing our FY13E EPS from $1.03 to $0.90."
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 $10.30 yesterday.
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