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In a report published Monday, Keefe, Bruyette & Woods analysts downgraded the rating on
Independent Bank CorpINDB from Outperform to Market Perform, with a price target of $44. The reason for the downgrade was cited as the stock's valuation.
Since 3Q14, the company's share price has surged 24 percent, versus a 9 percent rise in the NASDAQ Bank Index. Following this upward movement, the shares have reached the target price of $44. "Therefore, the limited upside is causing us to move to the sidelines. We continue to believe INDB should serve as a core holding in the bank sector, as we view them as a very disciplined operator in a volatile and uncertain environment," the analysts said.
Independent Bank continues to be among the most "well-managed companies within our NE bank universe," the analyst commented, while adding, "…we think these qualitative strengths are currently reflected in the valuation of its shares."
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