Shares of Orrstown Financial Services Inc. (ORRF) plummeted 6.14% in pre-market trading on Monday, following a price target cut by Keefe Bruyette analysts.
Keefe Bruyette lowered its price target on Orrstown to $42 from the previous target of $46, while maintaining an Outperform rating on the stock. The reduced price target indicates that analysts at the firm expect the financial services company's performance to fall short of earlier expectations in the near term.
The downward revision in the price target appears to have triggered selling pressure on the stock, resulting in the steep pre-market decline. However, the Outperform rating suggests that Keefe Bruyette analysts remain optimistic about Orrstown's longer-term prospects.
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