Truist analyst Brandon King downgraded Independent Bank (IBTX) to Hold from Buy with a price target of $50, up from $46, following the announced merger agreement with South State (SSB). The firm believes this is “a sensible deal on paper” and thinks this acquisition also solves Independent’s CRE concentration issue, the analyst tells investors.
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Read More on IBTX:
- South State price target raised to $95 from $92 at Keefe Bruyette
- Raymond James upgrades South State as deal checks the boxes
- South State to acquire Texas-based Independent Bank Group for $2B
- SouthState Corporation to Acquire Texas-based Independent Bank Group, Inc.
- Independent Bank Group Outlines Performance and Strategy
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