Piper Sandler Starts Orange County Bancorp Inc. (OCBI) at Overweight
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Piper Sandler analyst Alexander Twerdahl initiates coverage on Orange County Bancorp Inc. (OTC: OCBI) with a Overweight rating and a price target of $35.00.
The analyst commented, "We are initiating coverage of Orange County Bancorp (OCBI) with an Overweight rating for the following five reasons: 1) OCBI is a talent driven growth story in an attractive market(Hudson Valley of NY). 2) The bank has a healthy NIM, built on a quality deposit base, which is the key to an improving profitability story as the bank reaches scale. 3) An asset management business should also serve as a nice supplement to spread lending in this rate environment. 4) The potential for listing could be a catalyst for the stock price at some point in the future. 5) We think OCBI deserves a scarcity value premium given that there are only several quality franchises of its size in its market. Our $35 price target assumes that OCBI will trade at a slight premium to peers on a forward PE basis (9.7x 2022E)."
Shares of Orange County Bancorp Inc. closed at $28.00 yesterday.
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