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Janney downgrades TCF Financial on valuation

Downgrade

Janney Montgomery Scott analyst John Rodis downgraded Detroit-based TCF Financial Corp. on valuation.

The company's shares are up about 20% quarter-to-date, outperforming its peers, which are only up about 9%, according to the analyst. Rodis expects a smooth transition following the announcement that the company's CFO will step down on Oct. 1, 2020.

The analyst downgraded the company's stock rating to "neutral" from "buy" and raised the fair value estimate to $49 from $46. His EPS estimates remained unchanged at $2.89 for 2019 and $4.01 for 2020.