Citi Maintains Buy Rating and $40 PT on JC Penney

A report from Citi reiterates its Buy rating and $40 price target on JC Penney JCP. The report states, “The $265M of restructuring costs disclosed today were significantly greater than the $78M prev. disclosed by the company for 3Q11, which we believe indicates that new CEO Ron Johnson is working aggressively to implement changes to improve JCP's topline growth and bottom line profitability.” JCP closed Friday at $33.92.