Orrstown Financial initiated with an Outperform at Raymond James

Raymond James initiated coverage of Orrstown Financial (ORRF) with an Outperform rating and $35 price target The firm is bullish on Orrstown’s long-term prospects, saying the bank will produce better than peer balance sheet growth and generate superior profitability, while maintaining its improved risk profile. Orrstown is currently operating from a position of strength that should help the bank execute on its “offensive strategy” that combines organic and inorganic growth, the analyst tells investors in a research note.