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

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.

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