Deutsche Bank Defends TCF Financial (TCB); Sell-Off Overdone on Credit Concerns

Deutsche Bank maintains a 'Buy' on TCF Financial (NYSE: TCB).

Deutsche analyst said, "TCB shares are off sharply this morning—likely due to concerns over credit. However, credit quality continues to be lumpy at TCF (charge-offs were down sharply in 1Q for example) and other trends should be viewed as a relief—ie service charges rebounded off very low levels, NIM was above mgmt guidance, and deposits (ex a deal) rose slightly. And while another change is coming to TCF’s deposit account offering which will be earnings dilutive in 2H12, it looks likely to be earnings neutral and deposit accretive in 2013."

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 $11.42 yesterday.

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