Deutsche Bank Reiterates Hold Rating, $17 PT on J.C. Penney Company
In a report published Monday, Deutsche Bank reiterated its Hold rating and $17.00 price target on J.C. Penney Company (NYSE: JCP).
Deutsche Bank noted, “Today is the third and final day of a 3-day (12/8-12/10) 20% off Friends & Family event at JCPenney. While the event took place on a fairly frequent basis in prior years, including 12/4-12/5 in 2011, we believe this is the first occurrence in 2012. The event is the latest of a series of promotions (i.e. 30% Off Select Outerwear, $10 Gift from CEO Ron Johnson, Free Family Portraits, Free Haircuts, etc.) that have been issued by the company over the past few months to drive traffic. Importantly, we believe it further signals a step away from an EDLP approach and a step towards a more promotional model in the quarters ahead.”
J.C. Penney Company closed on Friday at $18.17.
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