Raymond James upgrades SouthState to 'strong buy', cuts PT

Brokerage Raymond James raises regional U.S. bank South State SSB.N to "strong buy" from "outperform"; cuts PT to $115 from $120

"Credit protection from marking Independent Bank's balance sheet along with legacy SSB’s strong underwriting track record should assuage fears if an economic downturn materializes," says brokerage

SSB acquired Texas-based smaller rival Independent Bank Group for about $2 bln in May last year

Brokerage says net interest margin expansion from deal synergies should provide relatively less EPS downside versus many peers

As of last close, SSB shares down 7.3% YTD, compared with a 4.2% decline in S&P 500 .SPX index