** 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
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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