Market Overview

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

Related JCP
5 Stocks To Watch During Back-To-School Season
Is A J.C. Penney Turnaround Becoming A Reality?
Ever Wonder Why Ron Johnson Left Apple for J.C. Penney? (Fox Business)

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.

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

 

Related Articles (JCP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters