Independent Bank price target lowered to $46 from $47 at Stephens

Stephens analyst Matt Olney lowered the firm’s price target on Independent Bank to $46 from $47 and keeps an Overweight rating on the shares. The company’s Q3 results were highlighted by continued cost controls, loan growth, and “excellent” credit trends, the analyst tells investors. Stephens expects the bank’s NIM to outperform in 2024-2025 and, while it underperformed its peer group, the fir, believes current levels represent attractive valuation.