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Fly News Breaks for January 17, 2020
IBCP
Jan 17, 2020 | 08:07 EDT
DA Davidson analyst Russell Gunther downgraded Independent Bank to Neutral from Buy with a price target of $24, down from $26. The analyst is positive on the company's significant presence and unique opportunity to gain share in its attractive Michigan markets, but sees its average return metrics - albeit in line with its peers - trending in the wrong direction. Gunther adds that Independent Bank's earnings growth is below that of its peers and sees its current discounted valuation as appropriate.
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