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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Read More on IBTX:
- American downgraded, United upgraded: Wall Street’s top analyst calls
- Independent Bank downgraded to Hold from Buy at Truist
- South State price target raised to $98 from $95 at Piper Sandler
- South State price target raised to $95 from $92 at Keefe Bruyette
- Raymond James upgrades South State as deal checks the boxes
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