This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Huntington Bancshares Causes Analyst Duel

NEW YORK ( TheStreet) -- Huntington Bancshares (HBAN) received an upgrade and a downgrade from bank analysts Friday following its second quarter earnings report, though both believe the shares are headed to $7--well north of their $6.09 closing price on Thursday.

Huntington reported second quarter earnings of 16 cents per share ahead on Thursday's open, beating analyst expectations. The bank also raised its quarterly dividend to four cents a share from a penny. Still, the shares closed some 3% lower on Thursday.

Guggenheim Securities analyst Jeff Davis argued analysts were "disappointed in commentary regarding a softer macro view and pressure on yields due to competition and low reinvestment rates," though he added, "neither was a surprise to us."

Davis raised Huntington to a "Buy" while leaving his price target unchanged at $7.

Taking the other side of the trade was FBR Capital Markets analyst Paul Miller, who lowered his recommendation to "market perform" from "outperform," arguing "the company is having trouble growing revenues with the economy still sluggish and low interest rates weighing on its ability to grow the balance sheet at attractive risk-adjusted spreads." Miller dropped his price target to $7 from $8.

Miller also cut his rating on TCF Financial (TCB) on Friday. He lowered the recommendation to "underperform" from "market perform" while cutting his price target to $12 from $14.

TCB is widely seen as being the hardest hit by the Durbin amendment, which caps fees banks can charge to merchants on debit card transactions. While Miller notes TCF "put up a hard fight" against the rule, he believes it will ultimately cost the company $50-60 million per year, or nearly 9% of projected 2011 earnings.

Miller has left his other ratings unchanged so far this earnings season, including an "outperform" on JPMorgan Chase (JPM) and "market perform" on Wells Fargo (WFC)and Bank of America (BAC).

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs