Truist raised the firm’s price target on Independent Bank to $47 from $40 and keeps a Buy rating on the shares. The firm is cutting its FY23 EPS view by 27c to $3.27 and its FY24 view by 42c to $3.35 to reflect lower net interest income, partially offset by lower expenses and provisioning however. Truist adds that Independent Bank’s balance sheet is well positioned for a peaking interest rate environment, supported by fixed rate loan repricing and less deposit cost pressure.
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Read More on IBTX:
- Independent Bank downgraded to Neutral from Overweight at Piper Sandler
- Independent Bank price target lowered to $50 from $60 at Keefe Bruyette
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- Independent Bank price target lowered to $40 from $43 at Truist
