Orrstown Financial gets 'outperform' rating as Raymond James starts coverage

Raymond James initiates coverage of community bank Orrstown Financial ORRF.O with an "outperform" rating

Brokerage is bullish on ORRF's long-term prospects, as it believes the bank can produce stronger balance sheet growth and superior profitability

Says ORRF has a long history of impressive loan growth despite being a relatively small commercial bank

Raymond James has $35 PT on ORRF, a 28.2% upside to stock's last close

ORRF shares offer an attractive investment opportunity with stock trading at a discount to peers - brokerage

Three of four brokerages rate the stock "buy" or higher and one "hold"; median PT is $39 - data compiled by LSEG

As of last close, ORRF stock down 25% YTD