Shares of Independent Bank Corp (INDB) are experiencing a significant pre-market plunge, dropping 5.44% following multiple analyst target price cuts. The Massachusetts-based financial institution is facing downward pressure as Wall Street adjusts its outlook on the company.
Two prominent financial firms have revised their price targets for Independent Bank Corp downward. KBW has reduced its target price from $80 to $72, while Piper Sandler has lowered its target from $74 to $63. These revisions suggest a more conservative outlook on the bank's near-term performance and growth prospects.
The pre-market sell-off indicates that investors are reacting swiftly to these analyst adjustments. As the trading day progresses, it remains to be seen whether the stock will recover some of its losses or if the negative sentiment will persist. Shareholders and potential investors will likely be closely monitoring any further developments or statements from the company in response to these target price cuts.
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