Piper Sandler analyst Justin Crowley upgraded ACNB Corp. (ACNB) to Overweight from Neutral with a price target of $50, up from $37, following the completion of its merger with Traditions Bancorp. The firm looks for multiple expansion and a return to a “premium” earnings valuation for ACNB as investors more fully appreciate the earnings power of the combined franchise. The bank has an “enviable funding base and clean track record on credit as additional supporting considerations,” the analyst tells investors in a research note.
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