TCF Financial recently reported fourth-quarter earnings of 15 cents per share that were below analysts' expectations of 18 cents per share.

Stephen Geyen, an analyst for Stifel Nicolaus, had a "buy" recommendation on TCF since at least March 2012 and a target price of $13 per share since July. On Thursday, Geyen downgraded TCF to "hold."

But the downgrade was more for the stock's recent run-up in price rather than for the earnings miss, which was partly attributed to some one-time non-core expenses, including a recent $10 million civil penalty. "Following the recent run-up in the share price, TCB stock now trades essentially in line with our fair value estimate of around $13," wrote Geyen. TCB shares closed Friday at $13.78.


Piper Jaffray's shares moved higher last week after the company reported strong fourth-quarter and year-end financials. "The company's performance has been definitely spotty in recent years," Michael Wong, an analyst at Morningstar, recently told the Star Tribune. "They have cleaned up their businesses and seem to be heading in the right direction."