Shares of Independent Bank (INDB) are set to open sharply lower on Monday, plummeting 6.61% in pre-market trading, following downward revisions in price targets by multiple analysts. The Massachusetts-based financial institution is facing significant pressure as Wall Street adjusts its outlook on the company.
Two prominent financial firms have revised their price targets for Independent Bank downward. KBW has reduced its target price from $80 to $72, while Piper Sandler has made a more substantial cut, lowering its target from $74 to $63. Piper Sandler analyst Mark Fitzgibbon maintained a Hold rating on the stock. 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. 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. Shareholders and potential investors will likely be closely monitoring any further developments or statements from Independent Bank in response to these target price cuts.
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