UPDATE: Keefe, Bruyette & Woods Upgrades Capital City Bank on True Recovery Play

In a report published Wednesday, Keefe, Bruyette & Woods analyst Jefferson Harralson upgraded the rating on Capital City Bank CCBG from Market Perform to Outperform, and raised the price target from $11.00 to $17.00. In the report, Keefe, Bruyette & Woods noted, “We are upgrading shares of CCBG to Outperform from Market Perform, and are revising our 2014 estimate to $0.43 from $0.39 previously, and leave our 2015 estimate mostly unchanged. We are raising our price target to $17 from $11 per share.” Capital City Bank closed on Tuesday at $14.05.