Raymond James upgrades Independent Bank to 'strong buy'

Independent Bank (Massachusetts)

21/10/2024 11:02

** Raymond James upgrades regional lender Independent Bank
 INDB.O  to "strong buy" from "market perform" and assigns $74
PT, a 20.2% upside to stock's last close
    ** Brokerage says the upgrade reflects the bank's discounted
valuation and its expectation that profitability will improve
due to asset pricing and lower interest rates
    ** Credit concerns should be addressed over the next couple
of quarters and abate with the establishment of additional
reserves and the resolution of a few larger office loans
    ** INDB has historically traded at a premium to peers which
should return as profitability trends become evident - Raymond
James
    ** Raymond James says INDB is a "desirable" New England bank
with a strong capital position
    ** Two of four brokerages rate the stock "buy" or higher and
two "hold"; median PT is $65 - LSEG data
    ** As of last close, INDB shares down 6.4% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))