As reported earlier, BMO Capital downgraded TCF Financial to Market Perform from Outperform. The firm thinks the prospect of legislation which could limit consumer deposit fees will continue to be an overhang on the shares, and it set a $15 target on the stock. :theflyonthewall.com
News For TCB From The Last 14 Days
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TCF Financial: Durbin Amendment cost $15M in lost revenue per quarter
The company doesn't see a silver bullet, but mitigation is expected throughout 2012 through other revenues and expense reductions. The magnitude and speed of mitigation is driven by the competitive landscape and customers adapting to the new checking account product offering. Comments taken from slides from Credit Suisse Financial Services Forum. :theflyonthewall.com
Midcap Banks downgraded to In-Line from Accumulate at Morgan Stanley
Morgan Stanley downgraded the Midcap Bank sector due to valuations and lower asset yields. Note the firm downgraded TCF Financial (TCB) to Equal-Weight from Overweight. :theflyonthewall.com