Independent Bank price target raised to $39 from $36 at Piper Sandler

Piper Sandler analyst Nathan Race raised the firm’s price target on Independent Bank (IBCP) to $39 from $36 and keeps a Neutral rating on the shares. The firm says that apart from higher operating expenses that resulted in a 6% PPNR shortfall, Independent’s results in Q4 remained strong as loan growth continued to be very solid at 7% LQA and asset quality metrics were again benign.