Capital City Bank reinstated with an Overweight at Piper Sandler

Piper Sandler analyst Stephen Scouten reinstated coverage of Capital City Bank with an Overweight rating and $34 price target. The company noted in its restated filings that it has taken steps to remediate the material weakness in its internal controls that was identified during this restatement, the analyst tells investors in a research note. The firm does not expect to see any additional financial fall-out from these inter-company transactions and would expect a return to business as usual for Capital City and its financial reporting.