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UPDATE: JP Morgan Downgrades JC Penney to Neutral on Fundamental Outlook

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JP Morgan reduced its rating on JC Penney (NYSE: JCP) from Overweight to Neutral and cut its price target from $30 to $20.

JP Morgan noted, "We are downgrading JCPenney to Neutral from Overweight based on (1) more questions than answers on the long-term pricing/promotional structure (incentives, NOW Pricing, MSRP), (2) balance sheet composition increasingly unclear (WC vs. non-core asset sale drivers), and (3) lack of earnings support for potentially another year (JPM modeling $0.00 EPS in FY13 w/ risk if sales do not materialize)."

JC Penney closed at $17.40 on Tuesday.

Latest Ratings for JCP

DateFirmActionFromTo
Apr 2016Northcoast ResearchUpgradesNeutralBuy
Mar 2016Goldman SachsMaintainsSell
Mar 2016Deutsche BankMaintainsBuy

View More Analyst Ratings for JCP
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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