UPDATE: Keefe, Bruyette & Woods Downgrades Independent Bank Corporation to Market Perform, Lowers PT as Focus Turns to Rebuilding Profitability

In a report published Wednesday, Keefe, Bruyette & Woods analyst Damon DelMonte downgraded the rating on

from Outperform to Market Perform, and lowered the price target from $14.50 to $14.00. In the report, Keefe, Bruyette & Woods noted, “We are transferring coverage of Independent Bank Corporation from Christopher McGratty, trimming our target to $14 from $14.50 and lowering our rating to Market Perform from Outperform. While we commend management on its efforts to de-risk the balance sheet, shore up its capital structure and rid itself of credit issues, we believe the next leg of the Independent story may take some time to play out. Given this outlook, along with the recent out-performance in the shares, we feel moving to Market Perform is the appropriate call at this time.” Independent Bank Corporation closed on Tuesday at $12.87.