Orange County Bancorp surges after Hovde Group starts coverage with an 'outperform' rating

Shares of community lender Orange County Bancorp OBT.O jump as much as 8.3%; last up 3.2% at $26.62

Brokerage Hovde Group initiates coverage with "outperform" rating and PT of $30.50, an 18% upside to stock's last close

Brokerage expects OBT shares to outperform peers, as investors recognize the bank's strong fundamentals

Says OBT has "valuable base core deposits and relative franchise scarcity in the middle-to-lower Hudson Valley"

OBT's expansion south into the Lower Hudson Valley in recent years provides ample opportunities to grow loans and deposits as well as wealth & trust offerings - Hovde

All three brokerages covering OBT rate the stock "buy" or higher; with a median PT of $30.50, according to data compiled by LSEG

As of last close, OBT stock down 7.1% YTD