Independent Bank upgraded to Strong Buy from Market Perform at Raymond James

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.