Fly News Breaks for January 29, 2020
Jan 29, 2020 | 09:13 EDT
Stephens analyst Matt Olney upgraded Independent Bank (IBTX) to Overweight from Equal Weight with a price target of $61, down from $67. Independent shares have underperformed the BANK index by about 9% since the merger of equals Texas Capital (TCBI) deal announcement in early December, noted Olney, who believes the pullback captures the near-term integration risk. After deal closing, he expects the combined company to focus on a more optimized balance sheet that would limit earnings volatility and improve profitability, Olney noted.
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