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Piper double upgrades Independent Bank ahead of sale to South State

Piper double upgrades Independent Bank ahead of sale to South State

Piper Sandler last night double upgraded Independent Bank (IBTX) to Overweight from Underweight with a price target of $58, up from $38, to align with the 0.60 exchange ratio on its $98 price target for South State (SSB). Selling to South State should expedite the valuation creation recovery for Independent Bank shareholders and should deliver outsized returns for the legacy owners, the analyst tells investors in a research note. Piper does not expect any major regulatory delay on approval.

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