Janney Montgomery Scott initiated coverage of Orrstown Financial (ORRF) with a Buy rating and $32 price target. Orrstown Financial has assembled a balance sheet that is geographically and economically diverse, delivering sound fundamental performance metrics while growing its franchise both organically and through acquisitions, the analyst tells investors in a research note. The pending acquisition of Codorus Valley Bancorp (CVLY) expands the company’s footprint into new growth markets while being additive to earnings in year one, and while integration risk remains a concern, Orrstown is a seasoned acquirer and should be able to navigate any issues that emerge, Janney argues.
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