As previously reported, Sandler O'Neill analyst R. Scott Siefers upgraded Chemical Financial (CHFC) and TCF Financial (TCF), both to Buy from Hold, after sitting down with senior management from both to discuss their pending merger of equals. At the time of the deal announcement, he was still a bit concerned about a potential repeat of the post-close dislocation that has overshadowed the Chemical/Talmer deal, said Siefers, who noted that his conversations with management have served to build his confidence in the merger's likely success, even "beyond the up-front compelling financials." He raised his price target on Chemical Financial shares to $54 from $49 and increased his price target on TCF Financial to $27.45 from $24.90.