Orrstown Financial Services (ORRF) PT Raised to $37 (from $35) at Raymond James

Raymond James analyst David Long raised the price target on Orrstown Financial Services (NASDAQ: ORRF) to $37.00 (from $35.00) while maintaining a Outperform rating.

The analyst comments "We reiterate our Outperform rating on ORRF shares following its release of 1Q results. It was a strong quarter, highlighted by NIM outperformance, positive credit trends, and the de-risking of the loan portfolio that lowered CRE concentration levels. Our thesis from our initiation remains in place (Link); Orrstown is currently operating from a position of strength that should help the bank execute on its offensive strategy that combines organic and inorganic growth. With the stock trading at a discount to peers, we believe ORRF shares offer an attractive investment opportunity."

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