US bank ACNB rises after Raymond James starts coverage with 'outperform'

Community bank ACNB Corp's ACNB.O shares rise 1.6% to $41.89

Raymond James initiates coverage of ACNB with an "outperform" rating and $47 PT, a 14% upside to stock's last close

Brokerage says ACNB possesses a "longstanding and enviable core deposit franchise" in Pennsylvania, which coupled with strong growth in higher-yielding commercial lending segments, has contributed to above-peer profitability in recent years

Adds that it expects ACNB to be an active acquirer over time given its robust capital base

Proven track record of solid credit performance through various cycles drives confidence in its performance through a period of potential economic uncertainty - brokerage

All four brokerages covering the stock rate it "buy" or higher; median PT is $48.50 - data compiled by LSEG

ACNB stock up 5% YTD