Citi Maintains Buy on JC Penney (JCP)

Citi is out with its report today on JC Penney

, maintaining Buy. In a note to clients, Citi writes, "We rate the shares of J.C. Penney Company Inc. Buy/High Risk (1H). In our view, J.C. Penney has the proper merchandising, marketing, and technology initiatives in place to drive sales and earnings growth over the long term. We believe the most compelling aspect of J.C. Penney is its multi-faceted nature, which provides numerous reasons to support our long-term thesis for sales and margin momentum, and also underscores our confidence in the company's ability to generate increases in shareholder value." Citi has a $50 PT on JCP. At the time of posting, shares of JCP were trading pre-market at $37.32, down 0.08% from Wednesday's close.