Capital City downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded Capital City Bank (CCBG) to Market Perform from Outperform with a price target of $45, down from $47, following the Q4 report. The company reported net interest margin “slippage,” lower fees, and higher expenses, the analyst tells investors in a research note. The firm believes Capital City’s forward earnings growth will likely be dictated by excess capital deployment, which could take time.