UPDATE: Jefferies Lowers PT on TCF Financial to $15

Jefferies is out with its report today on TCF Financial TCB, lowering its PT from $16 to $15. In a note to clients, Jefferies writes, "The quarter was somewhat weak principally due to a step back in fees and relatively weak loan growth. We take our '11 estimate up by a nickel (to $0.85) on lower credit costs, while '12/'13 estimates are down a dime (at $1.20 and $1.60, respectively) as we build in lower lease fees and interest income. Our price target goes to $15 (from $16)." Jefferies maintains Hold on TCB. Shares of TCB closed Thursday at $13.40, up 1.36% from Wednesday's close.