Shares of Independent Bank (INDB) are set to open sharply lower on Monday, plummeting 5.44% in pre-market trading, following downward revisions in price targets by multiple analysts.

KBW has reduced its target price for Independent Bank from $80 to $72, while Piper Sandler has cut its target from $74 to $63. These downgrades suggest a less optimistic outlook for the Massachusetts-based financial institution, prompting investors to reassess their positions.

The cuts in price targets often indicate that analysts foresee potential challenges or reduced growth prospects for a company. While the specific reasons for the downgrades were not immediately clear, such actions typically reflect changes in the company's financial performance, industry trends, or broader economic factors affecting the banking sector. Investors will likely be watching closely for any additional information or guidance from Independent Bank to better understand the factors influencing these analyst decisions.