US bank ACNB hits over two-month high after Piper Sandler upgrades to 'overweight'

** Shares of community bank ACNB Corp ACNB jump 8% to $44.25, hitting their highest since December 18

** Piper Sandler upgrades ACNB shares to "overweight" from "neutral", following the bank's $73.5 million acquisition of rival Traditions Bancorp (TRBK.PK)

** Brokerage raises PT on ACNB to $50 from $37, a 22% upside to stock's last close

** Brokerage says Traditions' deal brings significant boost to EPS; adds that it looks for a return to premium valuation for ACNB, as investors better appreciate the earning power of the combined franchise

** ACNB stock currently trades at a slight discount to peers - brokerage

** All three brokerages covering the stock rate it "buy" or higher, with the median PT of $50, according to data compiled by LSEG

** ACNB stock up 11% YTD