Jefferies Has Hold On TCF Financial

Jefferies & Co. has a Hold rating and a $16 price target on shares of TCF Financial Corp. TCB. In a note to clients, Jefferies writes, "While we walk away from meetings with a better sense for the actions TCB is undergoing to offset headwinds to its business model, it will be some time before the bank proves it can generate industry-beating returns again. The company is positioning itself with friendlier deposit policies and a more balanced commercial/consumer revenue mix. Our 2011 EPS estimate (goes to $0.70 from $0.75) due to higher marketing expense." Shares of TCB gained 11 cents yesterday to close at $14.53, a gain of 0.76%.