Keefe Bruyette upgraded Independent Bank (INDB) to Outperform from Market Perform with a price target of $83, up from $80. The company reported a Q3 beat on better organic growth and net interest margin, while posting meaningfully lower purchase accounting accretion and book value dilution than expected, the analyst tells investors in a research note. Keefe expects stronger than peer returns and stronger than peer capital for Independent Bank going forward.
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