Piper Sandler Starts Orange County Bancorp Inc. (OCBI) at Overweight

February 12, 2021 9:08 AM EST
Get Alerts OCBI Hot Sheet
Price: $32.00 --0%

Rating Summary:
    2 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 52
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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)."

For an analyst ratings summary and ratings history on Orange County Bancorp Inc. click here. For more ratings news on Orange County Bancorp Inc. click here.

Shares of Orange County Bancorp Inc. closed at $28.00 yesterday.

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