Raymond James analyst Steve Moss double upgraded Independent Bank (INDB) to Strong Buy from Market Perform with a $74 price target The upgrade reflects the bank’s discounted valuation and expectations that its profitability will improve due to asset repricing and lower short-term rates, the analyst tells investors in a research note. The firm expects Independent’s credit concerns will be addressed over the next couple of quarters and should abate with the establishment of additional reserves, or resolution, of a few larger office credits.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on INDB:
- Independent Bank price target raised to $65 from $62 at Keefe Bruyette
- Independent Bank Reports Q3 Profit Amid Challenges
- Independent Bank reports Q3 EPS $1.01, consensus $1.05
- INDB Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Independent Bank credit problem could weigh on Q3 results, says Piper Sandler