Orange County Bancorp price target raised to $31 from $29 at Piper Sandler

Piper Sandler analyst Mark Fitzgibbon raised the firm’s price target on Orange County Bancorp (OBT) to $31 from $29 and keeps an Overweight rating on the shares. The firm would characterize the company as an exceptionally well-run community/commercial bank. Orange County has historically generated strong profitability and has grown consistently above peer growth rates. Despite these positive dynamics, shares trade at a half-turn discount to peers. Piper expects this discount to be eliminated in coming quarters and can envision the stock trading at a modest premium to peers.