Mid Penn Bancorp initiated with an Outperform at Keefe Bruyette

Keefe Bruyette initiated coverage of Mid Penn Bancorp with an Outperform rating and $26 price target, offering investors a potential 33% total return. Mid Penn is a commercial-focused community bank whose management has successfully guided the company to achieving near-peer returns by quickly scaling up through a combination of low- to mid-double-digit organic growth and strategic acquisitions, the analyst tells investors in a research note. The firm believes share downside is “extremely limited” at current levels.