Keefe Bruyette analyst Christopher McGratty upgraded Chemical Financial (CHFC) to Outperform from Market Perform and raised his price target for the shares to $59 from $55. The company's merger of equals with TCF Financial (TCF) proves that "well-structured deals with conservative assumptions and significant accretion can, in fact, work for both buying/selling shareholders," McGratty tells investors in a research note. The analyst has confidence in Chemical's ability to execute and finds the stock's valuation as "very expensive" following his positive estimate revisions. He sees "plenty of room" for a positive re-rating of the shares.