Market Overview

UPDATE: Credit Suisse Downgrades JC Penney to Underperform on Viability Questions

Share:
Related JCP
Analyst: JC Penney Shares Look Pricey Relative To Peers
Buckingham: JC Penney Still Worth $8/Share
7 High-Conviction Stock Picks Held By The Masters Of The Universe (Seeking Alpha)

Credit Suisse reduced its rating on JC Penney (NYSE: JCP) from Neutral to Underperform and lowered its price target from $25 to $15.

Credit Suisse commented, "[O]ur concerns that JCP would not be able to stabilize its business in a timely fashion were mounting, especially after seeing how effective the completion had been in responding to JCP's initiatives. Since reporting a worst case scenario 3Q12, those concerns have only escalated, and we downgrade to underperform (from neutral) and lower our target price to $15 (from $25). Time is no longer on JCP's side, and going into 4Q12 and beyond, we are concerned that JCP's technological overhaul of both its back and front end systems could serve to create an even more challenging internal environment than is the case today."

JC Penney closed at $20.64 on Friday.

Latest Ratings for JCP

DateFirmActionFromTo
Mar 2015JP MorganMaintainsNeutral
Mar 2015Piper JaffrayMaintainsOverweight
Mar 2015Piper JaffrayMaintainsOverweight

View More Analyst Ratings for JCP
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (JCP)

Around the Web, We're Loving...