UPDATE: Guggenheim Upgrades Independent Bank to Buy

Guggenheim raises its rating on Independent Bank INDB to Buy from Neutral with a $32 price target as business momentum offsets NIM risk. Piper Jaffray notes, "Given strong 1Q12 results and our expectations for significantly positive estimate revisions to reflect benefits of the NMTC award, positive business momentum from lending and fee income growth, we are raising our rating to BUY from NEUTRAL with a $32 price target representing 13x our 2013E EPS." INDB closed at $27.42 on Thursday.