Independent Bank price target raised to $78 from $74 at Raymond James

Raymond James raised the firm’s price target on Independent Bank (INDB) to $78 from $74 and keeps a Strong Buy rating on the shares. Credit stabilized, and Independent Bank has a path forward to materially lower non-performing assets with minimal incremental provision expense given existing specific reserves and pending short sales, while the net interest margin outlook is positive and appears conservative, the analyst tells investors in a research note. The firm views the results and guidance positively and likes the direction that management is leading the company.