South State upgraded to Strong Buy from Outperform at Raymond James

Raymond James upgraded South State (SSB) to Strong Buy from Outperform with a price target of $115, down from $120. Estimates generally have less risk than at peers given ongoing benefits from South State’s recently closed acquisition of Independent Bank (IBTX), the analyst tells investors. Credit protection from marking Independent’s balance sheet, along with legacy South State’s strong underwriting track record, should ease fears if an economic downturn materializes, the analyst argues.