Compass Point upgraded Independent Bank (NASDAQ: INDB) from Neutral to Buy with a price target of $47.00 (from $45.00) following solid EPS. The analyst calls the stock a 'Whistle-Clean Quality Bank'.

Analyst Laurie Havener Hunsicker commented, "We revise our Operating FY16E from $2.96 to $3.02 and reiterate FY 17E of $3.17 and accordingly adjust our PT (price target) from $45 to $47. Additionally, due to the recent plunge in US stock markets and INDB being dragged down in tandem with the bank group, we upgrade from Neutral to Buy. We note that INDB is down 22% from its 11/23/2015 high of $53.34. INDB is a whistle-clean, high quality bank (no energy, no oil patch exposure) and is the largest publicly-traded bank headquartered in MA serving the greater Boston MSA. For FY16, we see INDB earning $3.02 without the benefit of higher rates and our longer term outlook remains intact. While the market has seemingly lost focus on asset sensitivity, we note that INDB is a standout community bank in this category, as well as overall. We note, however, that our EPS estimates through 2016 do not assume an additional rate move.:

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Shares of Independent Bank closed at $41.35 yesterday.