JC Penney Shares Strong as Oppenheimer 'Increasingly Optimistic' Turnaround Story Could Re-Accelerate in '13

Analysts at Oppenheimer are helping push shares of JC Penney

higher on Monday's holiday-shortened trading session. The stock is up more than four percent to over $20.35. The firm's Brian Nagel said "We are increasingly optimistic that the more price promotional stance that J.C. Penney is now assuming will allow the chain to make the most of a challenging holiday selling season and position it well to re-accelerate its aggressive turnaround strategy in 2013." A team of Oppenheimer analysts visited a round of the retailer's stores over the weekend, noting aggressive markdowns, light inventory in the home section and better sales in coats and clearance. Nagel maintains an Outperform rating and $30 price target on JC Penney shares.