Piper Sandler downgraded Independent Bank to Underweight from Neutral with a price target of $38, down from $48. The bank's deposit costs were up another 19 basis points in Q1 and the expected net interest margin inflection was pushed out another quarter, the analyst tells investors in a research note. The firm believes Independent Bank "looks poised to underperform peers" from an overall profitability perspective. It thinks the shares will lag over the next 12 months until investors get some certainty into a Q4 of 2025 run-rate and the 2026 earnings potential of the franchise.