UPDATE: J.P. Morgan Upgrades Kohls; Raises PT

According to a research report published earlier today, J.P. Morgan has upgraded Kohls KSS from Underweight to Neutral, and increased PT from $42 to $55. In the report, J.P. Morgan said, “Shares of KSS have significantly underperformed dept store peers (-4.0% vs. peers: +20.0%) and the broader tape (SPX +15.9%) over the past five months and with our store work pointing to initial signs of offense (credit penetration; “Yes” Pricing) and given a reversal in sentiment (3 sell-side downgrades; short interest at 7% of float -doubled in past 6 months) we are moving to Neutral.” Kohls closed Friday at $50.03.