As previously reported, Janney Montgomery Scott upgraded Capital City Bank to Buy from Neutral with a fair value estimate of $37.50, up from $32, citing the bank’s “excellent” deposits, which drive a very low 77 basis point funding cost, or a 456 point advantage over Fed Funds. This narrows to a “still strong” 414 basis point advantage in December of 2024 following 50 points in total rate cuts anticipated in June and September, the analyst tells investors.
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