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 (NYSE: JCP) 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.
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