TCF - CFRA downgrades TCF Financial to Hold as merger upside already priced in

CFRA analyst Pauline Bell downgrades TCF Financial ([[TCF]] -6.2%) to Hold from Buy on her view that the upside from its pending merger with Huntington Bancshares ([[HBAN]] -6.0%) is already priced in.TCF shares have risen ~25% against the unaffected share price of $34.78, the closing price on Dec. 11, 2020, before news of the merger came out.With an an exchange ratio of 3.0028 HBAN shares per each TCF share, the deal currently values TCF at ~$43.60 per share based on HBAN's recent price of $14.52. TCF shares recently traded at $43.31.Quant rating on TCF is Bearish, assigning poor ratings to value, growth, profitability and earnings revisions.

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CFRA downgrades TCF Financial to Hold as merger upside already priced in