Piper Sandler lowered the firm’s price target on Orange County Bancorp (OBT) to $66 from $69 and keeps an Overweight rating on the shares following quarterly results. The firm notes the company took an oversized loan loss provision against one large office loan participation in the quarter. Piper would characterize it as a solid quarter with one credit hiccup, and would expect the stock to be a touch weaker tomorrow.
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